The highly anticipated return of this extremely popular off-road racing video game franchise will arrive just in time for the holiday season.  The latest incarnation of MX vs. ATV Reflex is apparently a big jump forward that will feature an all-new Rhythm Racing 2.0 physics engine, Rider Reflex control system and real-time terrain deformation.  It will be available on XBOX 360, Playstation 3, PSP and Nintendo DS.

Check out the video demo after the jump.