Team ICO's Ico and Shadow of the Colossus are confirmed for an HD re-release on Playstation 3. No word yet on any changes, pricing, or whether the two titles will come to the US, but the original report seems to show that the games will be individually sold, rather than as a bundle as rumored. Originally, the games did not get much commercial success, so while it had a large cult following, many gamers have no tried or even heard of either game. Hopefully with this release, Team ICO will get more acclaim and lead to a larger commercial success for The Last Guardian, the development team's next game.
UPDATE: Both games will be available in 3D, according to Sony's Press Conference for Tokyo Game Show. Both the US and European release will be on one disc, although there's no word yet on the Japanese release.