The "character-driven action title" is in development at Codemasters' new Guildford studio, and is being built using the team's proprietary EGO game engine, which was last seen in Colin McCrae's DiRT. The engine excels at creating large environments with impressive draw distance.
According to Develop Magazine, the team's experience working with automobile-focused racing titles will be put to good use on "Project Strike Team," which is tentatively due for release sometime in 2009. The project is being touted and teased by the company early in development partly for recruitment purposes. We'll have to wait and see what kind of game "Project Strike Team" really is (our guess is that it features some kind of strike team).