According to the information on Xbox.com it's not Sonic Team, but rather Dimps who are developing the upcoming Sonic the Hedgehog 4: Episode I. Given that some reports state that Sonic Team USA, responsible for most of 3D Sonic games as well has been dismantled, and the fact that Dimps have developed that last few 2D Sonic titles it makes perfect sense.
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Game facts
Sonic the Hedgehog 4: Episode I
Genre
Platform
Developer
Sonic Team, Dimps
Publisher
Sega
Release date
12 October 2010
Platforms
PSN
PS3
Xbox 360
Wii
Wiiware
XBLA
iOS
Why trust Gamereactor
23
Editions
Each with its own newsroom and its own scores.
1998
Publishing since
Independently owned for the whole of it.
100%
Hands-on
Written from time with the game, never press material.
1–10
Network Score
Every edition’s score, averaged and shown.