Project Draco is basically Panzer Dragoon for the Xbox 360's Kinect. It's even made by the same guy. First revealed at this year's Tokyo Game Show, though, it's only today we get our first proper look at the game.
These two screenshots, courtesy of Japanase game site Famitsu, show that, yeah. You ride dragons!
Project Draco is the creation of Yukio Futatsugi, the man who invented classic Sega on-rails shooter Panzer Dragoon. It's a very similar game for Kinect that, in addition to having you fight other dragons and guys mad enough to ride on dragons, also lets the player "nurture and learn to communicate" with your flying buddy.