Iwata: "OK, take the CPU in the 360 and make it less shit, plz & thx"
Seriously, I know nothing!
It's not necessarily an FPS that they're doing, but they're working on something that requires some of the recent talent they brought in. What does that mean? It's certainly targeting the type of gamers who love their Gears/Halos/etc. As for it being a new IP - seriously I don't know any specifics. But if I were a guessing man I'd probably guess that it is. Certainly not Zelda, DK, Metroid, etc. Speaking of that Beyond3D poster, they also said something along the lines of "PS3/360 gamers" <--- what does that demographic entail to you?