Indie developers Zeboyd Games are hard at work on a new Penny Arcade game - the sequel to Hothead's 2008 title Penny Arcade Adventures: On the Rain-Slick Precipice of Darkness Episode 2.

And Joystiq reports that it's coming to the iPhone - a first for the series.

Based on the popular Penny Arcade gaming webcomic, Penny Arcade's On The Rain-Slick Precipice of Darkness 3 (or PA3, for short) follows the adventures of Gabe and Tycho in a steampunk world full of sinister mystery and Lovecraftian monsters.

And mimes.

Best known for their irreverent RPG Cthulhu Saves the World, Zeboyd Games sound like the perfect studio to take on development duties, then.

Set for release sometime in 2012, PA3 is a decidedly old skool role-playing title, featuring turn-based combat apparently inspired by Grandia.

I can't wait.