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Thomas Tippl, the COO of Activision talked a little about Bungie's new project and about the ten year agreement that was made between the two. He said that it is most likely to be revealed at E3 2011.

We are super excited about the project that [Bungie] is working on, which they will start talking about once Halo: Reach is out the door,

It's a very ambitious and phenomenal project, and in our view, matches very well with what gamers expect these days and where the industry is going.

We spent nine months with them to figure out what's the best way to work together, and we came to a great solution that works for them and works for us,

We wouldn't have [signed the deal] unless it was a 10-year type of relationship as opposed to a one-off.

He was asked when the game would be announced he responded with

Probably next E3, I would guess,

I am excited for anything that Bungie is dishing out since they have never disappointed me with their incredibly inspirational and imaginative games. Share your thoughts about this new project in the comments.
 

Comments
Bungie is the developer, Activision is just the publisher.