Who else is excited!? I love me some Katamari, and I'm delighted that the original creator is releasing a new game. It's a PS3 download, and retails for $4.99. It's similar in concept to the classic game Snake, in that you're a lengthy creature going about and devouring things before you. The length your character is at the end is added on to an ongoing line of Nobys from other players around the world. When they extend long enough to reach a new planet, a new level is unlocked. Sounds like a whole new level of teamwork to me.
Here's a preview written by Brian Ashcraft [whom I recently interviewed], and a screenshot