mes are rumored to be making a new IP, I am guessing one will show up
Killzone Vita should be quite far in development, also Cambridge's last game was in 2010 plus they have merged with Gurilla Games
from reading that story it seems SCE Cambridge didn't actually "merged" with GG and they still their own studio, SCEE just put them to work closely with GG on Killzone Vita for now.
here is what sony said.
It has been decided that Cambridge Studios will become closely linked with [Guerrilla] Studios and as such will focus on bringing the Killzone franchise to PlayStation Vita.
http://www.gamesindustry.biz/articles/2012-01-10-sony-closing-bigbig-studios-restructuring-cambridge
this is nothing like merging studios at all.