Yup, Looks Like A Game By The Dude That Made Black.

At this stage, details are extremely scarce, but one thing we do know is that the game will run on Codemasters' fantastic EGO engine (DiRT 2, Operation Flashpoint).

Black told Joystiq, “Our shredding tech enables us to create a different kind of gameplay, where players and AI can’t hide behind indestructible cover. Here the environment is constantly changing as the game world is shot to hell; it’s going to be a huge amount of fun.”

Given Stuart Black was involved with PS2 title, erm, Black - there's every possibility this will be amazing. And explosive.