Such a great name. It's being developed by Ronimo, the guys behind the excellent 2D strategy title Swords & Soldiers, and trades fast clicking for fast multiplayer platforming action.
Heading for the PlayStation Network and Xbox Live Arcade, they're calling it an "explosive Multiplayer Online Battle Arena" game, claiming inspiration drawn from 80's cartoon series. Which explains why it looks like Smash Bros. with guns.
There's not much more info than that, sadly, with a full reveal due at E3, though you can check out more screenshots at the link below.