Update October 2nd, 2006
We noticed there was a large amounts of traffic hitting this article, and after numerous emails about this as well, and we wanted to set the record straight.
The Xbox 360 game, Resident Evil 5 was already announced last year, and thus far, it has not been cancelled officially. Capcom refused to budge by saying that Resident Evil 5 is Xbox 360 exclusive from plenty of articles around the web during their X06 conference in Barcelona last week.
In May - 2006, Resident Evil: Umbrella Chronicles was announced for the Wii. For those who didn't guess it... E3 was during May Official Link
However, we must remember that the the titles of the the two sets of consoles (PS3/Xbox 360 vs. Wii) are different. Resident Evil 5 for Xbox 360 (and presumably PS3) and
Umbrella Chronicles for the Wii.
We never intended this to be "Breaking News", and would hope to simmer down the misunderstandings that are going on around the web related to this article.
Thanks to in5ane.com for some quick confirmations (another excellent site for news from around the web).