During a keynote at the Game Developers Conference, Craig Alexander from Turbine confirmed they are working on a console MMO for Xbox 360 and PlayStation 3.
During his keynote he mentioned that the MMO has been in development for a year and a half with over 20 million dollars spent on the title so far. While the game was mentioned as coming for the Xbox 360 and PlayStation 3 he also mentioned plans to develop one for the Nintendo Wii sometime in the future, possibly if the 360/PS3 one does well?
A release date has been targetted for early 2011 but as to what the title is named is still a mystery.