We got the skinny that Nintendo and Interplay have confirmed Galleon for GameCube sometime next year.
The cartoony Galleon is being made by the man who brought us Tomb Raider, Toby Gard, and is said to have been in the works for quite some time.
There are no current plans for a PS2 counterpart, but there seems to be evidence of an XBox launch, so Galleon will not be a completely exclusive title.