My current project is a game I'm coding in Flash using the Flixel framework. The project is going by the name Atron Duel at this point in time but that may change in the future. I am making a local multiplayer game for two players that will progress at a frenetic pace. The main inspiration for Atron Duel is the wonderful Super Hexagon by Terry Cavanagh.
Here are a couple of shots of where Atron Duel is right now, placeholders abound:
Here are the things I mentioned elsewhere in this post:
Flixel : http://flixel.org/
Super Hexagon: http://superhexagon.com/