Tomonobu Itagaki has confirmed that Devil's Third is "about 80 percent complete" and "next year (2014) is the year we will release it." The game is a third person shooter featuring some swordplay as well. Itagaki is the creator of the much loved Dead of Alive series. Hopefully the game can get a more solid release date and a publisher soon.
Here is the E3 trailer for the game from 2010: