The 3rd Birthday, Hajime Tabata, has revealed some facts about the third game in the Parasite Eve franchise. Square is cooperating with another development studio on the game, but he refuses to divulge which studio.
Unlike its predecessors, The 3rd Birthday will be a "true third person shooter," but Tabata notes that it will not the same as Dirge (thank you!) of Cerberus: FFVII. Some sort of wireless gameplay may be implemented, but it was not specified whether it will be infrastructure or ad-hoc.
The game's scenario and design are currently almost complete. Our curvy heroine Aya Brea will utilize an ability called overdrive that allows her to "cross time." This power lets her to fight and eliminate the Twisted, who are the new antagonists of the game. No release date is set, but it sounds like we'll see the game over in Japan some time next year.