Canned by Hothead Games in 2010, Penny Arcade Adventures - On the Rain-Slick Precipice of Darkness (Totally Not Long Enough) Episode 3 has been resurrected by indie developer Zeboyd Games. Most of you probably haven't heard of them, and I wouldn't have either if I was a frequent trekker on Xbox Live Indie Games, where they have releases for Chthulu Saves the World and Breath of Death VII: The Beginning.
To fit within their catalog, Episode 3 will have 16-bit graphics style, turning Gabe and Tycho into virtual pixelations (aren't they like that already?). More information will be shown at PAX East and their development blog on their website before the game is released in the incredibly vague window of 2012. Zeboyd Games says that will be out for "as many systems as we can".