Crytek is allowing a group of 25 fans to create a game based on the best of the TimeSplitters franchise. The game is currently slated for PC using CryEngine 3 (surprise!).
It's a very cool idea to involve fans but I have to wonder why Crytek bothered to buy Free Radical if they weren't interested in the Timespliiters franchise. I suppose a game from loving fans is better than having a game without the previous FRD team at the helm.