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It's hard to imagine a hack n' slash ever selling as well as God of War III, it actually sold well over 6 million on PS3. Was 5.2m as of May 2012 and then had the Saga & Omega collections plus the budget essentials edition release. All SKUs combine it's probably around 6.5m LTD.

There's a lot of debate about what genre the new God of War falls under, I don't want to make any calls at the moment, it looks so different but until I play it myself I'm not going to make any claims.

If it does turn out to be a hack n' slash then you can probably expect it to inspire a resurgence of the genre with developers inspired by the new style.