It appears that the rumors were true. Respawn Entertainment, the team comprised mostly of former Modern Warfare devs will be making a multiplayer-centric mech shooter called TitanFall. According to an early copy of Game Informer magazine, it will be a Microsoft exclusive for Xbox 360, Xbox One, and PC.
Apparently, Google Play released the magazine early and a post on NeoGAF has run a large synopsis of the article. The futuristic shooter will focus on huge mechs called Titans that can be piloted by players. Players can also run around on foot and shoot things, and are able to leap atop mechs to blow out their "brains." The game uses a modified version of Valve's Source engine, with "major portions" rewritten by Respawn. The game is expected to run at 60 frames per second.
The game will apparently make heavy use of the Xbox One's cloud processing support. Respawn will be handling the Xbox One and PC versions, while a separate developer will be handling the Xbox 360 version.
The game is set for a spring 2014 release.