In a recent article in the UK edition of Nintendo Official Magazine, it was noted that Sega and Nintendo are working together on a top secret RPG for Ninty's new knight in shining armour, the GameCube. We already know that Sega is releasing a number of games on the console, including Phantasy Star Online, so this wouldn't seem too far fetched.
In any case, it really seems like Sega has hit the ground running when it comes to third party development. Beware, Electronic Arts!
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