Apparently so. The company hinted to Yahoo today that they might have such a device in the works. (via Electronista) Sony's CFO, Nobuyuki Oneda, said that his company is “very interested” in competing with the iPad. He went on to state that Sony was “confident” of their ability to make a contending device.
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"Time-wise we are a little behind the iPad but it's a space we would like to be an active player in," said Oneda.
From his wording, it certainly sounds like a Sony tablet is in development. It won't be out by March, but I wouldn't be surprised to see this product announced in the Fall and ready for launch in time for the holiday season. If they don't have a tablet ready then, they're going to fall way, way behind every other manufacturer. Q3 and 4 are going to see a wide array of “iPad-killers” hit the market.