It finally looks like the per-layer storage capacity of Blu-ray Discs will really be increased, from 25 GB to 33.4 GB, thanks to the appearance of a new method of evaluating Blu-ray Disc media quality even at the higher capacity. The new method is likely to accelerate development of discs offering even more storage space.

Read and write at 33.4 GB per layer would be implemented thanks to the use of partial response maximum likelihood (PRML) signal processing. The new method can continue to use the existing Blu-ray optics: a blue-violet laser diode with a 405 nm wavelength, and an object lens with a numeric aperture (NA) of 0.85. read more at http://techon.nikkeibp.co.jp/article/HONSHI/20091222/178809/ 

Does this mean 10 hours of cut scenes in MGS5?

Br Rules!

Isn't the next MGS multiplat?

he said MGS5, not Rising ... and you can still come with multiple DVD

yeah, but thats MGS: Rising for PS3 and Xbox 360 which focuses on Raidens story.  Not really a true sequel to MGS4. It is hard to say whether Kojima will do another MGS, MGS3 was supposed to be his last one. 

Does this mean faster read times for BD or?

It depends. If it means more tracks on a disc then no because the number of dots the laser traverses per second would be the same. If it means a higher density of the placement of the dots per track linearly then yes in the best case scenario the read speed will be 50% faster on the same disc. 1x would be 8MB per second (rough maths) for example instead of 5.5

great news.

Actually MGS2 was supposed to be the last.

Anyway, aren't there 200GB BDs already? That are supposed to work on PS3 as well? Though I suppose this is a bit different from that, instead of adding layers it's about increasing layer size this time...

What, no 69 GB? They're leaving a lot of people out because of this! >:(