This week on his blog, David Jaffe - the series' co-creator - posted a screenshot that seemed to discuss the development of a game involving vehicles. It lists some things Jaffe "would like to see ... [by?] the milestone," which some have taken to mean a deadline before E3 so the title can be unveiled there.
Jaffe apparently thought blurring out some of the blocks of text was enough - until a guy went in with Photoshop and did a superduper CSI enhancement that partially revealed the words. So he went back and posted the pic with the words blotted out in solid red, and finally just removed the damn thing altogether.
You can see in the pic (via Joystiq) that he talks about animations involving a guy getting dragged behind and thrown from a car. Jaffe exhorts his team to give the game more personality. "Right now it's so dry, it needs to feel [like an?] action movie."
Maybe they're working on cinematics for a Twisted Metal announcement down in L.A. I've tried contacting him but, of course, if he ripped this sucker down after everyone started picking it apart, doubtful he'll comment.