This really could be any number of franchises we haven't seen hide nor hair of for years... let's go over a list of the possibilities.
MY PERSONAL CHOICE
The Ultima Series - Garriott and crew do not own this license... can you believe that? EA does. And I think they may be gearing up to bring a single-player RPG to the masses with Starbreeze. Not UO2 mind you, as they're already pressing hard with Warhammer and wouldn't want to steal from the same userbase with a sequel to UO. But a direct competitor to the open-world RPG reigning champ that is 2K and Bethesda's Elder Scrolls Series might be right up their alley.
Why do I think this? Aside from wishful thinking, the guys at Starbreeze said this in their portion of the press release and it just sort of clicked into my head that Ultima was the one: "We’re already deep in development on Project RedLime and the team at EA is giving us the time we need to perfect our vision. We’re excited to bring a new perspective and gameplay innovation to this beloved fiction."
I can't really think of any other "beloved fiction" that EA has its hands on, except maybe James Bond, but isn't a new game for that already being made? Did the series ever go away and seem in need of a revival? It's been running on all cylinders since Goldeneye (even if some have sucked). EA also called it "reinventing one of their most acclaimed franchises". Hence why Ultima seems like exactly the direction they'll head. Hell, it would be where I'd go.
Starbreeze has proven with Riddick: Escape from Butcher Bay that they can do the adventure-action game really well, and with The Darkness that they can tell a story and do an FPS well. I wouldn't be surprised if they could pull off a deeply compelling RPG too. They've been one of my favorite independent developers to watch grow over the past few years.
There are some major trends in gaming these days. Open worlds. Lots of customization. Dark and deep thematic material. Action-based gameplay. All of these things have been a part of the Ultima series for years... and yet since 1997 it hasn't really seen a new game to take it that "one step beyond." UO, as great as it once was, is now but a dated shell of its former glory. Ultima X just might finally be coming down the pipe.
Then again, it could simply end up being Road Rash and I'll go back to my daydreaming.
It'll be interesting to see this one unfold over the next few months as more details are announced. I'm crossing my fingers for the Avatar to make a return, even with out RG behind it. In fact, it may be served better to have some fresh hands on the series.
EDIT: Oh, and expect Ultima X to be on the Xbox and PS3, as well as the PC.
PS - Heather, I swear I'll get to that meme soon. :)