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Apparently Crytek is working on TimeSplitters 4, and now the company is saying that Microsoft will reveal their next console within the next 12 months with a possible reveal at E3 2012.

Crytek is investing development in both next-generation incarnations of the Xbox and PlayStation, according to a "high-ranking industry source at Crytek", with TimeSplitters 4 currently being demonstrated internally and being built using the CryEngine 3. Apparently, the game was also being showcased privately at E3 2011 in video form.

Specifications for the new machine have not been finalised, but Crytek is using Microsoft's DirectX 11 as the current basis for next-generation development. Tessellation, multithreaded rendering, and compute shaders are the three headlining features for DirectX 11.

AWWWEEEESOOOOMEEEE

Ooooooo

They might be thinking ahead for the future and developing it with next gen consoles in mind, but they'll be developing it for high end PC with the vision to port it over to the PS4/next gen xbox when they get dev kits. There is no way they are actually developing it for those consoles right now, because there is no way they have dev kits for those consoles yet.

If this is true (which seems unlikely) that's awesome! 
 
I certainly won't be buying a new console for a few years or so, but I'm excited anyway.

This is the best news I've heard all month.

Fantastic news, I thought TS 4 was dead!
 
Timesplitters 2 and 3 are my favourite FPS games of all time.

Specifications for the new machine have not been finalised, but Crytek is using Microsoft's DirectX 11 as the current basis for next-generation development. Tessellation, multithreaded rendering, and compute shaders are the three headlining features for DirectX 11.

Certainly sounds cool, if true, but one can wonder how relevant DX11 will be when the next-gen consoles are released (2013 at the earliest I would imagine).

Best news I've heard in a long time! Really wish it wasn't for the next-gen consoles, because there are few games I want more than a TS4, but knowing that this game does indeed exist is good enough for now.