Metal Gear Solid: Rising is an upcoming stealth action video game in the Metal Gear series by Kojima Productions. Its the follow-up to Metal Gear Solid 4: Guns of the Patriot and is in development for PlayStation 3, Microsoft Windows, and Xbox 360. The main character is going to be Raiden but full details on the storyline has not been released yet.
Its expected to be released in 2010 or 2011.

http://www.konami.jp/kojima_pro/e3_2009/en/

the graphics are gonna be out of this world. . . .on the 360
pity the ps3 owners

@Poster, It's not a stealth action Game and it is not a follow up to Metal Gear solid 4.
  Hideo Kojima has always said, Metal Gear solid: Peace walker feels like MGS5 to HIM, and he is not going to actively Involved in the making of Rising,

The Game is Also not using Metal Gear Solid 4 engine, which is being optimized for Metal Gear solid 5 exclusively for the PS3.

   @init4dmoni .
  Kojima Productions has never made any game that is less superior on the the playstation, Neither has Konami Published such a game, You forget that Both Kojima, Konami and Sony all have a long time relationship and they all come from Japan,
Konami knows This is not Shooter/FPS game, Hence where the sales belongs is pretty clear.