The game title is actually just "mechwarrior". There's no number. Check out the IGN interview for lots of info:
http://pc.ign.com/articles/100/1002164p1.html
I'm excited for the game, but I am also a bit skeptical. After reading the interview it's very clear that this is being made by people that have a big passion for the BattleTech universe, and understand completely what made the original MechWarrior games successful. Many are already claiming "oh it's just going to be more consolized crap", but after reading the article I couldn't disagree more. Sure they're going to have to make it work on xbox360, but the developers clearly understand the sim nature of the game. At this point I'm more worried about them going the other direction and making the game too inaccessible.
However, I'm also concerned that their ideas are going to be too big for practicality. They have a lot of good ideas, but they aren't very concrete yet. It reminds me of the kinds of ideas I had for games back when I was a kid and first played the MechWarrior games. Furthermore even if they do pull it off this game is going to take a long time to make. They're going to need a publisher that will give them lots of freedom, money, and patience.