The good news - Bioshock 3 is a reality and is in sight. the bad news is that you will need some binoculars to see it. Currently scheduled for late 2012.
But back to the good news. They have been working on this one for some time already and in keeping with their usual radical game settings Irrational Games have chosen to place this adventure high up in a sky city called Columbia.
BioShock Infinite is a first-person shooter currently in development at Irrational Games, the studio behind the original BioShock (which sold over 4 million units worldwide). Set in 1912, BioShock Infinite introduces an entirely new narrative and gameplay experience that lifts players out of the familiar confines of Rapture and rockets them to Columbia, an immense city in the sky.
Former Pinkerton agent Booker DeWitt has been sent to rescue Elizabeth, a young woman imprisoned in Columbia since childhood. Booker develops a relationship with Elizabeth, augmenting his abilities with hers so the pair may escape from a city that is literally falling from the sky. DeWitt must learn to fight foes in high-speed Sky-Line battles, engage in combat both indoors and amongst the clouds, and harness the power of dozens of new weapons and abilities.
Finally here is an announcment from Ken Levine from Irrational Games
"Keeping secrets is hard.
The last three years for me have been dominated by a single question: "What are you guys doing there?"
Some of you were pretty certain it was an X-COM game, which I can now safely say it is not. It is also not part of the Freedom Force, SWAT, X-Wing vs. Tie Fighter, Kingdom Hearts or Yar's Revenge franchises. The time for discussing what Irrational Games is NOT doing is over.
Today we announce BioShock Infinite.
That's right, this is a BioShock game.
It's a sequel.
But it's also not a sequel.
Let me explain.
At Irrational Games, we believe that in order to fulfill expectations, you have to defy expectations.
When we completed the original BioShock, we felt we had said all we wanted to say with Rapture, but we weren't done with the idea that is BioShock. BioShock is so much more than a story of a single place or a single time. We had so much more we wanted to say.
There are two core principles for us that define a BioShock game. First, it has to be set in a world that is both fantastical and yet also grounded in the human experience. Second, it has to provide gamers with a large set of tools, and then set them loose in an environment that empowers them to solve problems in their own way.
It would have been easier for us to go back to the well. We could have taken the easy route. We could have simply done more of the same, but we would not have been true to ourselves as game developers. Making the original BioShock was hard. We challenged ourselves every step of the way, and we tossed aside many elements and ideas simply because they weren't good enough.
So when we started the sequel, we said to ourselves: "We want to expand on those core principles, but beyond that, there are no sacred cows. Everything else that people know or think they know about BioShock is open for negotiation."
You will find yourself in a completely new world. Columbia is not an unknown secret city at the bottom of the sea. It's a creation of an America transforming from a regional agrarian collection of states into a world power with global reach.
You now play an actual character, and not a cypher who is unaware of his own identity. You are Booker Dewitt, a particular character with an established history, with a voice you will hear as he talks to himself and others in the game.
You've come to Columbia for a reason: to find a mysterious young woman named Elizabeth and bring her safely out of the city. She will travel with you, interact with you, and react to the situations you cause to happen, and through your relationship with her, we're able to tell the story of this new and amazing world.
This world of Columbia presents radical differences in scale from what you are used to. You're not crawling through corridors on the ocean floor, claustrophobic with the weight of the ocean bearing down on you. Instead you find yourself navigating through huge environments, zipping around on Sky-Lines at eighty miles per hour and getting into firefights at ranges of two thousand yards."
Ken actually goes on to say more here
We will bring you more about this exciting game as it comes in