It appears they plan on working on a new IP. Whether or not it will arrive on PSP is unclear. However, considering their technical know-how with the platform, we hope that they'll continue developing for Sony's handheld.
Dan Arey, former Creative Director of Naughty Dog, has joined Ready at Dawn to work on the new project. Under Arey, Naughty Dog has worked on games such as Crash Bandicoot, Jak & Daxter, and the upcoming Uncharted. "It was actually a very easy decision to make," said Dan Arey, "because when I first got the chance to hear about this new property, I immediately knew I had to be a part of it and get a chance to join forces with the incredible talent over at Ready At Dawn Studios. These guys have taken the time to mature their team, their technology and this new concept. Believe me, this is going to be something special." We can't wait to find out more.
[Update: In an interview with GI.biz, Arey talks about Ready at Dawn's multiplatform capabilities. Is he hinting that Ready at Dawn is ready to move on? "With a data driven engine that's platform agnostic, these guys are now in the amazing position to work on any platform they choose ... The great thing about the RAD development pipeline is that it has been cross-platform - PSP / Windows - from the beginning, which means the technology can migrate to any platform."]