We are speaking a lot about the exceptional FPS game known as Crysis which is prepared by Crytek and EA (launch in September 2007). Everything has already been said about the very high image quality and playability. However, Ubisoft announced that they bought the rights to the Far Cry franchise and are preparing Far Cry 2, as a sequel to the 2004 game title.
Forecasted for Spring of 2008, it will probably try to draw from the past success of Far Cry and the expected success of Crysis. But nobody knows if it will be using FarCry technology (most probable) or Crysis technology (not to be expected).
See also: FarCry2 web site.