If this is true, it likely has the chance of reaching the heights of MGS3 for the reasons bebpo stated. I think they could really do something incredible.
MGS3, I thought, had the perfect mix of cutscenes and gameplay. It still had plenty of cutscenes at points (for the fans), but never flooded the player with them (until the very end). MGS4 was just too heavy on the cutscenes for me, which I did not expect.