Yes.
The wikipedia entry just has the title of the game listed as The Another World, but the trailer for the game is called Ninokuni: The Another World. There also hasn't been a release date set for anywhere outside of Japan, so I don't know if it's going to be released here or not, but I really hope it does.
YET ANOTHER EDIT!: Game confirmed to see a western release!!!
EDIT: This game is set to appear on both the Nintendo DS and the PS3. Here's a link to an article in Kotaku that has the screenshots of what the game will look like on the PS3.
EDIT 2: There's now somewhat of a release date of the DS version for Japan, which will be sometime during Q4 later this year. No word yet as to when the PS3 will have it's version ready, or if either version is going to ship overseas.
EDIT 3: Footage of the PS3 version added below.
EDIT 4: Both versions of the game are set to take place in the same world, but are different from one another.
The plot is that you play as a boy named Oliver whose mother has suddenly died. There is a stuffed animal fairy thing that follows him around who gives him a book that allows Oliver to go to an parallel world where he may find a way to bring back his mother.
Here's a couple of trailers for the game if anyone is interested in watching it:
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