The game was to be called 1080Pinball (no space), and it was to be a downloadable game available on PlayStation Network. Development began in early 2007 and "Insomniac ceased development in mid-2007." It "was intended to be the most realistic pinball simulator ever (including simulating weight of ball, gravity, and friction of table surface, as well as accurately modeling the kick bumpers), running in 1080p and 60fps."
We have a slew of concept art and early screens in the gallery associated with this story, so check 'em out. And you should definitely tune in to Insomniac's Full Moon Show in the near future to hear all about the game.