Some folks over at the GameFaq forums point out that the latest OXM is saying Crimson Skies 2 is in the works for the Xbox 360.

From the mag, via the forums:
Crimson Skies 2
Developer: Airtight Games
Publisher: TBD

What Is It?: the sequel to one of the original Xbox;s greatest underdogs: the high-flyin' alternate-reality air-combat game Crimson Skies: High Road to Revenge.

Why It Matters?: Criticaly acclaimed but commercially wobbly, High Road to Revenge remains near and dear to many Xbox owners' hearts. Its rich blend of arcadey aerial dogfighting, slick graphics, larger-than-life characters, and fresh multiplayer reciaved a boost when the game was bundled with the Xbox Live Starter Kit for a while. These days, it's just popoular enough to teeter on the edge of having a sequel greenlit.

Whats Leaked So Far?: An eagle-eyed OXM forum reader (hi there, Tacubano) actually tipped off The Mole to developer Airtight games' web page, which shows images of prototype game concepts that look devilishly like they were riped straight out of the Crimson Skies world. Also, the site's Company Bios section lists a truckload of of former Crimson Skies team members from FASA Studio. Hell, even HRTR champion and former Xbox bigwig Ed Fries is credited as the developer's consultant. Finally the site's Current Project page makes this cryptic description of the company's status: "Airtight Games is currently working with one of the industry's leading publishers on a major unannounced title." When it looks like a duck and quacks like a duck...

Why "The Man" Doesn't Want You to Know About It Yet: Its merely a matter of timing. Xbox 360 needs to keep some bullets in its chamber for next year. With Halo 3, Mass Effect, Fable 2, Alan Wake, et al. already announced, the Xbox public already has a lot to chew on. Once our hunger has been satiated a bit, expect Crimson Skies 2 to finally be unvieled.

When to Expect It: Holiday 2008 or sometime in 2009

While it sounds possible, the fact that the hiring page on the Airtight Games sites says they are working on a "AAA title for next generation consoles and PC" doesn't seem to back it up. I can't imagine Crimson Skies 2 would be going cross-platform. Despite this, I'm still holding my breath. Brian Crecente

Crimson Skies 2. Yup thats right #2 (3 actually) is coming [GameFaqs]