I've been following for a number of years the folks over at Red 5 Studios, ever since these ex-Blizzard developers opened shop back in 2005. Though they went through some difficult times recently, it seems that they're on track to deliver a great looking futuristic Free to Play FPS/3rd Person hybrid.
If the recent footage shown at PAX 2010 is any indication, Firefall (which currently has a release date of 2011) looks very promising! Additional links following these 2 videos.
I for one, have registered for the BETA and look forward to seeing what looks like a gem of a game!
Red 5 Studios on Firefall:
FIREFALL is a team-based action shooter. Join your friends in an epic online campaign across a vast open world to stop the Melding and fight for the survival of humanity against the army of the Chosen. Advance your army and character through technological upgrades. Level up different character classes. Compete for supremacy in various multiplayer game types. Push back the Melding. SAVE EARTH!