Red 5 is a studio founded by a bunch of the old Blizzard developers that left not long after WoW came out.
My old roommate (if anyone happens to remember Ogapo from BH) worked on this game for a few years.
http://www.joystiq.com/2010/09/03/red-5-studios-reveal-firefall-coming-to-pc-near-the-end-of-201/#continued
I haven't even really looked at the videos for it yet but he seems excited about it.
Edit: Oh yeah, he once described it to me as a sort of MMO FPS.
Dunno how that will work exactly but the video looks interesting so far.

Akina: bitch I will stab you in the face