Picassio - Where'd ya go?

Has anyone heard anything about this game in like two years? What a great idea: a third-person action-sneaker type game, playing an art thief. The idea was spawned by the sudden pom-pom popularity of the (excellent) Thief game. I know some of you have heard of it. Anyone heard what happened to it? Anyone know of any other games remotely similar to it or Thief coming out anytime soon (besides Thief 3)?