Guillermo del Toro is one of Hollywood's most interesting storytellers. Translating that signature visual style to a video game, specifically a horror game inspired by H.P. Lovecraft, sounds like an amazing idea. That game was almost a reality. It was called inSane, and was supposed to be a AAA-franchise title featuring a massive open world full of monsters from the mind of Del Toro. Unfortunately, THQ got cold feet, and cancelled the title a year into development.
With any luck however, we might still get a chance to play this game. Bloody Disgusting reports that Del Toro has pitched his game to an unnamed studio, who accepted the job. There's no word yet on which specific studio he approached, so we just have to hope that his taste in developers is sound.
In a bit of bad news, the game won't be available until 2015 at the earliest, but as BD notes, the silver lining is this almost guarantees it'll be launching on next-gen consoles.