So apparently Quantic Dream is still working on this, it's considered their next project but for an unannounced platform.
Given the success and praise Heavy Rain is receiving, I would love to see it as another First Party Exclusive on the PS3. If this happens, I'd also like to see them include the first game as an unlockable bonus. Not many people I know have played the original considering its limited release here in North American (USA to be precise), having only seen a limited run on Dreamcast and PC. Those I do speak to who have played it, loved every minute of it. I can only imagine the freedom of Omikron with the visual fidelity of Heavy Rain. It sends my mind reeling!
[#[_]#] [+[_]::] .... I Loathe the DS/Lite/DSi!! // PSN ID: SarshelYam
Omikron 2 has supposedly been in production for years, but keeps getting pushed back for other titles. There was another title before Heavy Rain that pushed back Omikron 2 and I'm sure there will be another title after Heavy Rain which will push it back even more. I hope Omikron 2 is next though.