Okay, here's what we know:
Sega planning to recreate a classic Sega franchise for XB360 and PS3 (IGN article)
Newly-filed application for "Outrun Coast 2 Coast" trademark (USPTO site)
Now while this would seem like an open-and-shut case, Sega does have a history of over-hyping announcements (Matrix Online). Anybody got any more info?