UPDATE: It’s a “Diablo-related concept”.
UPDATE: Blizzard has posted a clarification on Battle.net.
“As some of you may have seen over on the Diablo III home page, we’re currently exploring a Diablo-related concept for consoles. As we’ve said in the past, with proper care the gameplay could suit the console platform, and we’re interested in seeing what talent out there might be interested in contributing to such a project.
“To further reiterate what’s posted on the home page: this is not an announcement of a console title. We are first and foremost developing Diablo III for Windows and Mac PCs, and we have no intention of allowing a console interpretation to delay or otherwise affect the release of the game.