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Information about Evolve is scant, but according to legal documents and reports, it will be "a co-op multiplayer action game", specifically an FPS. Turtle Rock, the developer, is most well-known for the original co-op FPS Left 4 Dead.
During development, the planned publisher for Evolve was THQ, who according to Chapter 11 filings was estimating sales of 4 million units, at or around $30 (this may include projected DLC sales), through its 2014 fiscal year (April 1, 2013 - March 31, 2014), putting the planned release date somewhere in that range. In a May 2011 news story on Giant Bomb, 2013 was the release year given.
Evolve is using CryEngine 3, which has (as of January 2013) support for the PC, Xbox 360, and PS3.