According to Game Informer, Irrational "recognized a value in the previous identity and the legacy that was tied to it." The Irrational Games name saw the release of titles including Freedom Force, SWAT 4, Tribes: Vengeance and the sublime System Shock 2.
Irrational has yet to announce what it's been developing since BioShock, though co-founder Ken Levine has described the project as "pretty crazy ambitious" while job listings have revealed they're working on a shooter and rumours continue to swirl that the mystery project is a revival of the long-dormant classic PC tactical series X-Com.
2K Australia--formerly Irrational Games' Australian studio and currently assisting 2K Marin with BioShock 2--is to retain its current name.
Irrational's new website currently bears only a countdown ending at 11am EST tomorrow, though GI says it will soon launch in earnest with such goodies as "insight into the game creation process" and "never-before-seen tidbits" of Irrational's past releases.