Here's a link to
an interview from IGN, which gives several interesting tidbits:
-The game's Japanese title is "Hito Kui no Oowashi Toriko" ("Toriko" can also be transcribed as "Trico"), or "The Giant Man-Eating Eagle Toriko."
-The idea of having a giant "eagle" companion has been at the center of the game's development from the beginning. It started as a means of putting a relationship like Wander and Argo's (from SotC) at the game's forefront.
-The eagle's animations are taken from dogs and cats, of course, but also monkeys and ducks. The creature was designed to look both natural and odd, but not too cute.
-The player won't have direct control over the eagle, but will be able to influence its behavior. An example given in the article is that the player can throw a barrel to a certain spot where s/he wants the hungry eagle to go.
-The AI of ICO and "collision schemes" of SotC have been rebuilt for the PS3. This is the first game from Team ICO to use a physics engine. This is illustrated in the trailer when the eagle eats a barrel thrown into its mouth; those are not canned animations, apparently.
-This last point wasn't actually addressed in the interview, but it's something I've noticed so far. There doesn't yet appear to be a direct connection between The Last Guardian and Team ICO's previous games. It's certainly possible, but aside from the game being introduced at Sony's conference as a part of a trilogy (and the lead boy looking similar to Ico), there's no real evidence supporting it.