According to several European press reports, Honda is well along in its development of a V3 engine for MotoGP. The engine is apparently being bench tested, and will be track tested shortly. According to reports in both England and Spain, Honda had been planning on building a V6, but has now decided to build a V3. This is partially due to a weight advantage (10 kilos vs. the 4 and 5 cylinder machines) and the fact that fewer cylinders is believed to lend itself to better rider control and better traction.
It does not appear that the V3 will debut in MotoGP competition until the 2005 championship series, however.