Xbox.ign.com have posted a preview of the upcoming game from Universal Interactive. The preview is based on a build of the game which is 90% done. Here is part of what they had to say:

Still, the highly detailed lighting systems, the realtime morphing animations (showing infected humans transforming into "thing" creatures), the level designs, and the many forms of the creature itself, shown in this nearly complete version, are more than enough to catch our interest. The Thing is ready to mingle in the sophisticated PS2 market with the likes of Silent Hill 2, Drakan: The Ancients' Gates and Ico.

But The Thing is not your ordinary survival-horror concept, as it follows John Carpenter's 1982 movie remake in sequel format. Using an innovative squad-based system that actually works, called "Trust/Fear," Universal mixes up adventure aspects with all-out gun fighting levels and squad-oriented missions unlike anything in Resident Evil and Silent Hill. To make any comparisons to them is not really accurate. So instead, think squad-based action-horror, and you'll be headed right on the right Antarctic path.