TGS07: Siliconera cracks open Time Hollow
Basically, the game involves you, as high school student Horo Tokio (a pun on "Time Hollow"-- "Horo" is a Japanicized pronunciation of "hollow", and "Toki" is Japanese for "time"), using a magic pen to draw circles around things you want to go back in time and fix. Key events are saved as "flashbacks" which you can then revisit and mess with using your tiiiiime pen. In the example scenario, you circle and fix the gears on a girl's bike so she doesn't die in a wreck. Charming!
This game is set for a Japanese release in January of next year, which seems very soon for a newly-announced title. Hopefully Konami can use some of that same speed in producing a localized version.