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shikamaru317 said:

At this point I think that The Initiative pretty much has to be a Mistwalker like concept and incubation studio. Them being an incubation studio aligns with pretty much everything we've heard, Phil saying they were challenging themselves to do both new things and old things in new ways, the recent job listing for their "next IP" instead of their first IP, the fact that they have less than 50 devs after 2 years of hiring, the studio head saying he wanted The Initiative to be small and agile, and now 2 different insiders saying that they heard from their sources that The initiative was doing both Perfect Dark and a new IP.

I hope that it's true, the more AAA games MS has in the works the better. Will be interesting to see which studio/s is doing all the grunt work.