Ok so, the low-down:
The game will be free
. The idea is to make the game based on collab between Epic and the community. No game publisher or anything, just the developers at Epic and the community developers.
The best news I heard is they are going to make it for Windows, Linux and Mac. Finally no console port!
I did hear a lot of familiar names as far as the development team is concerned, so that can be a good thing. They said they will start with the basics (creating an fps deathmatch game) and then expand from there with some other classic game types. Pretty much leaving a lot to the community to develop additional content.
Personally, I have mixed feelings on this. If they can nail down the mechanics of the game in such a way that it feels good with mouse & keyboard (not clunky like the console ports) and it plays smooth, I think this could work out really well!
I believe the revenue stream will come from the monthly fee to use the UE4 tools. But supposedly modders will have the ability to charge a fee for their content (EX: Deathball, Jailbreak, etc.). I will be keeping a close eye on this... I can't help being a little excited, and I know Cliffy said something a couple months ago about making another PC shooter... he should just come back
There were quite a few snippets I saw in the comments from people wanting LGI CTF lol. So the people are still out there somewhere