It's being done by Telltale games (awesome) and set to be released as an episodic title. From their FAQ's it looks like it will be released over 5 months, starting mid-year. Really looking forward to this one.
Story driven horror/survival/adventure game. No co-op or MP; but you never know. If it's a huge success, it may inspire them to create a persistent online world.
[Video: http://youtu.be/pOLSfSt4TqM] Telltale Games - The Walking Dead
Yeah def looks good. Its a shame it will be based on the tv show instead of the comics, but i spose it would have to be or it would be rated R+ and then some.
Seriously tho, if u havent go read the comics, incredibly detailed, few scenes even ive recoiled from, be warned tho, the comic is extremly disturbing in some places (i've had to shutdown my tablet a few times on the train real fast, and still gotten dirty looks from old ladies).