I would like to point out that it is far more likely that it is a old property rather then a new property, and would in all likelihood contrast with Halo so as not to strangle off the sales of games in that series. Gears succeeded not only, because it was good, but because it clashed with Halo. Given how well Call of Duty is performing in the market it is not improbable that Microsoft wouldn't look to its own version of the concept.
So I would say it is probably a new installment in the Perfect Dark franchise. Which is more of a traditional shooter, and has a strong pedigree. I know some will say no, because that is a Rare property. However that is prior to that studio having a change of focus. I think we can all be honest about the fact that Rare is not shaping up to be a core developer for Microsoft, but the go to guys for the younger market, or the real niche market. So you may still get a Banjo, Nuts & Bolts, or Killer Instinct out of that studio, but Perfect Dark would require a real dedicated touch if the brand were to be revived.
Frankly there isn't a reason for Microsoft not to revitalize the brand, and there isn't a good reason for Microsoft to write off other intellectual properties that don't quite fit with what Rare is capable of now. It sends shivers up my spine thinking of a new Perfect Dark game coming out of a real dedicated developer.
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