"Project Offset" (working title) is a game like no other first person shooter to date. We wanted to make an FPS set in a epic fantasy world. A game where you can choose one of many character classes. A game where clans can combat over mission based objectives and be ranked accordingly. A game where you can play alone, coop, team based objective or deathmatch.
There's a 73mb video here showing off their engine.
I'm not sure what kind of systems they're using to show run that, but I thought it was pretty impressive. I wonder if they have plans for this on the next-gen consoles.