On the official Sony Santa Monica site, they are listing jobs in numerous fields, including Sr. Animator, Cinematic Camera Layout Artist, and Lead Gameplay Programer. There is as of yet no word on what the studio could be working on. They in past have worked on many major titles including the God of War Series, and Starhawk.
With such a strong group of people working at that studio and some great games under their belt, it is good to see them pushing forward with new projects. Only time will tell what these projects manifest into, but hopefully they are as exciting as the past games they have worked on.