The whole project sounds incredibly ambitious, as do many of Gamecock's titles, and FPS' typically have a very high bar to hit nowadays; however, the game isn't expected until 2009 so there is some time. We have very little background as to why the group is called Section 8, as Section 8 has a very specific connotation in the US. Section 8 is a subsidy program to assist the fiscally challenged with housing. Then again, they couldn't call it Section 9 because then all the Ghost in the Shell fanboys would freak. Is Section 7 taken? Oh well, we'll talk to the developers next week at Min-E3 and get an answer to the meaning behind Section 8.
Update: The developers let us know their Section 8 is based on the military reference to being discharged from service for being mentally unfit.