Here are a couple of good-looking old-school 2d games coming from teams known for FPS’s:
Capsized is a platform game that’s reminiscent of Exile. Coming in 2010 to Steam and XBLA, from the creators of the multiplayer FPS Nexuiz.
Locomalito, best known for their chunky FPS 8-bit Killer, are working on Hydorah, a Gradius-style shmup. It will be released as freeware at some indeterminate date.
Thanks to Pixel Prospector for the news!