Blizzard has always had about two development teams, where both will be working on different projects.
Since now, Blizzard South is working on WoW for the PC, obviously Blizzard North is working on some game.
Blizzard probably thinks that WoW will sustain the PC market for a while. Their previous records that games are released roughly about two years gap.
Since WoW is coming out soon for the PC market, don't expect any new games from them for the PC platform for another 2 years.
They should have just got a new development team to create the console game instead of using one of their elite teams.
Furthermore, they should have just said before hand that the new game being announced was going to be a console game, then we PC gamers wouldn't have been hit as hard.
This is my view on things