Yes, the proper Sega Rally 3, for arcades. Shown off to the press in the UK over the weekend, after being tested under the dummy name "Super Challenge" for the past few months, it'll run on Sega's new Europa-R board, run at 60FPS/720p, share much of the same assets as the recent Sega Rally Revo (nothing wrong with that) and comes with a car seat that's just downright classy. As a bonus, it's even got the desert track from the original Sega Rally. Exciting. It should be turning up in European arcades as you read this (having been developed by Sega's now-gone Racing Studio), with "the team hoping for international releases to follow".
Sega Rally 3: Hands-on impressions [Arcade Heroes, via DemonCleaner @ NeoGAF]