According to Kojima, Peace Walker is a true sequel to the MGS franchise, and he will be very involved with the game's development, writing the script and even producing it. Development is being headed by the people responsible for Metal Gear Solid 4, so we should be able to expect a high quality effort.
The game will be set ten years after the events of Metal Gear Solid 3: Snake Eater, putting it somewhere in the 1970s. The trailer put an emphasis on nuclear weapons (as usual), also suggesting that the Cold War tensions of the era will play a strong part in the game. Oh, and Solid Snake was in the trailer.
Expect the first media soon.
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