Xboxyde (great site) has a video up of the upcoming Tenchu game for the 360.
It looks like it's got some sort of pretty thorough character creation system.
Lots of stealth ninja assassinations too.
To be honest, I haven't played a Tenchu game (ever) and didn't know this game was even in development until like 10 minutes ago.
That said, it looks pretty sweet. I'm a big fan of the hitman series and I love ninjas and stuff so this should be real winner….But I'll try it when it comes out and let you know what I think.
By the way, there wasn't anyway that I could embed the video onto XboxSpace, so you'll have to head over to Xboxyde and stream the video from there. Sorry.