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If it's a prequel i don't think it will be called GoW "4" but more with that "A" that was hinted at recently.

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i haven't even completed 3...

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Deimos would be awesome to play with, and breath new life into the franchise.

I really hope this is a new IP. Not likely but I'm sure it would be pretty funny for Sony. If I was Sony I would have begun work on upgrading GoW4 for PS4 to be the launch title along side a new Grand Turismo, the PS3 is a decent platform and it appears to be consistently gaining steam and probably has a few years left in it. But the big IP like God Of War would be in the works for my next generation platform.

Sony probably should have shifted the majority 80% of its development to PS4 and PSVita starting last summer. Only games that were 90% completed for the PS3 should have been maintained except for the likes of The Last of Us. Sony will need an impressive line up for Orbis launch a real impressive one and Sony appears to be lagging in the development department. Keeping in mind Sony has stated they plan on beating Microsoft to market and Microsoft began development of software before Sony did. Sony needs every asset it has making Orbis launch titles. Any asset not on Orbis should be on Vita as that is a future platform. PS3 has two to three years left while Orbis and Vita potentially have 5-10 which is vital to Sony's longer term survival!