The TowerFall website now offers TowerFall Ascension, a Windows and PlayStation 4 game where players have shootouts with old-fashioned bows and arrows over old-fashioned local multiplayer. In fact, there's a lengthy editorial on Polygon by the developer of a different upcoming game which also only supports local multiplayer on why the game doesn't have online play, citing two factors: game design and lag. Here's a cinematic trailer, and here's word on the game:

TowerFall is an archery combat platformer for up to 4 players. It's a local party game centering around hilarious, intense versus matches. The core mechanics are simple and accessible, but combat is fast and fierce. It's best played competitively with friends, cross-legged on the floor within punching distance of each other.