Currently Aaron Glazer/Icebound Software is developing Mondo, a fast-paced action-arcade game featuring weapons that randomly cycle through a collection of various weapons every fifteen seconds. Players must constantly reset nuclear reactors to prevent a power plant from exploding while simultaneously fighting off homicidal enemies. You play to get the highest score you can (# of enemies killed).
Release date: July, official date TBD
You can follow it's development by following it on Twitter @MondoTheGame and/or by tracking it's page on IndieDB at www.indiedb.com/games/mondo
Gameplay videos and more screenshots/other images can be found on the aforementioned IndieDB page.
NOTE: the art is mostly not final/just placeholder art, and not all of the weapons and levels have been put in yet. This game is still in development.