Meanwhile...
The modern game they've announced is Tempest 4K and the developer of said game had no idea that it was being released on the VCS:
http://www.yakyak.org/viewtopic.php?p=1681740#p1681740
For context, Atari and Llamasoft have had a long history together, although they did have a falling out recently due to one of their games being too similar to Tempest. My guess is that the announcement of T4K was due to someone at Atari wanting to play silly buggers with them.