From Kotaku:
They didn't elaborate much on what the next Banjo's "different take on the genre" but it sounds like the team at Rare is trying something new. On the multiplayer front, the Scribes columnist writes "We aren't in the business of crushing little boys' dreams so your multiplayer hopes will be answered. The 'new direction' that Banjo is taking should offer a multiplayer experience unique to anything currently available."
Yeah, yeah, how about showing the thing already? Can we agree that GDC is a good time? I'll take your silence as confirmation, Rare.