Already discovered elsewhere, but I have new information to share that they don't know about. Here's a link to the Job Listings page that has already been posted by other blogs.

Ubisoft Quebec worked on several Ubisoft Dance titles, Assassin's Creed titles, and most recently PowerUp Heroes this past fall.

Before leaving Ubisoft, Sebastien Samson was working on an Online MMORPG for Kids (prototype stage.) He left Ubisoft to go work for Frima Studios, who were developing Activision Blizzard's Spyro Universe MMO.

Ricardo Ayasta was also working at Ubisoft during this same time, and was an animator on PowerUp Heroes. He also left Ubisoft for Activision Blizzard's Spyro MMO too. :)

Makes sense that Ubisoft is working on a MMORPG for kids though. I'm fully expecting it to be a cross-platform title that will compete with Activision's Spyro Universe.. so expect a pet / Pokemon "Gotta Collect 'Em All" type game.

* UPDATE:

Confirmed. Derek Fortin is the Senior Level Designer for an undisclosed AAA game (XboX 360, PS3, PC) at Ubisoft. They started work on the MMORPG in December 2010.

So, it appears to be a cross-platform AAA MMORPG for kids and they have been working on it since December 2010.