Warface is a F2P fps game currently in development by Crytek (Kiev), and this ~14min long gameplay footage was shown to the public for the first time at the 2012 GDC (Game Developers Conference).
"Developed by Crytek Kiev, and co-produced by Crytek Seoul and Crytek Frankfurt, the team-based military shooter is built on the company's CryEngine 3 game engine. Warface will have co-op and Player vs. Environment missions, as well as Player vs. Player gameplay." (source: Gamasutra)
The closed beta is already under way (in Russia and China only). Open beta (and release?) is expected to happen later this year. A GFACE account will be required, so perhaps it's a good idea to sign up now if you are interested.