I had heard about this, but completely forgot it was in the works, and suddenly it's available for sale here in North America -- Namco Bandai's updated entry in the classic retro series, Splatterhouse, is out for the XBox 360 and PS3. And it's not even a downloadable title, it's a full-blown retail experience. The original coin-op arcade game has also been ported to multiple mobile phone platforms, including the iPhone.
The update is fully-polygonal 3D, and features a metal soundtrack by a bunch of bands I wish I was hip enough to have heard of, like Terrorizer and Lamb of God. The basic plotline is the same as before -- Rick's girlfriend Jennifer is kidnapped by forces of evil, and he must beat up various gooey creatures with various random implements of doom. It's a beat-'em-up, sure, but it has character, and the update has more realistic physics-driven gore than ever before. Because, you know, this game is a veritable house of splatter.
More info is available at the official website: http://splatterhousegame.com