Not quite Timesplitters, but from early reports and interviews it seems that this will be a nice revival for the Homefront series and possibly a return to form for Crytek UK (Free Radical). It also sounds like it will be a mash up of COD: Advanced Warfare and Far Cry with a bit of Watch_Dogs app-wizardry thrown in. Sounds good to me.
RIP Kaos Studios and THQ. Oh, and Timesplitters.