The game, currently untitled, is best described as a Second Life on Mars. From the PR: "Set in Terraformed Mars, Avatar Reality's MMVW will allow players to live their fantasy lives by creating personalized characters, or avatars, in a beautiful environment." According to a brief chat we had with Crytek's
Avatar Reality, Inc., whose advisory panel it notes features Father of Tetris Alexey Pajitnov and former Nintendo of America President Minoru Arakawa, was formed by "Mastermind" Henk Rogers, chairman of Tetris Online, Inc. It is based out of the oh-so desolate city of Honolulu and will be managed by industry vets Kazuyuki Hashimoto and Li-han Chen. More information can be found at their website.
The first public presentation of CryENGINE 2 is expected today at GDC.