According to a Grasshopper rep, it was. " Yamaoka-san worked on two new songs for our EAP game while in LA," he told Joystiq. "Both will be used during some of the most climactic moments of the game. I've heard bits of the unfinished versions, and all I can say is that Akira and Mary Elizabeth are an amazing combination. I'm sure fans are going to enjoy it."
The biggest implication from this announcement is that we now have proof that work has been done on this game! Also, we now know it's going to have cool music.