Actual game may vary - i.e. not look like our crappy mocked-up screenshot.
Sorta. It may not be Bioshock 2, but a new Bioshock title is indeed on the way - for mobile phones (they're like PCs, but tiny and with fewer buttons).
Side-scrolling platformer? Ooh, probably. Either that or just an extended version of the Pipemania-inspired hacking mini-game. No actual details yet, but maybe, just maybe, we do live in a world where a 256 colour, 128x128, four-button cellphone game that includes shocking twists, discussion upon the nature of self and references to Ayn Rand could actually happen.
"We're trying to do great things and BioShock on mobile promises to offer a whole new gaming experience and unmatched excitement amongst mobile gamers the world over. BioShock is a special game in its genre; it brings an element of conflicting morals which has an impact on the storyline, and, among other things, on the difficulty of the game itself."
-Sean Malatesta, CEO of developer IG Fun
So, no Irrational involvement by the sound of it - it's in the hands of these IG Fun fellas, whose previous output includes official mobile adaptations of The Office and Rush Hour 3. Oh yes - we finally have a link between System Shock 2 and Chris Tucker.