This is pretty awesome! I have fond memories of TimeSplitters and hope they can actually cobble together a multiplayer that feels like TimeSplitters 2. I don't know if using CryEngine means a lot of stuff will be done for them already--if not, getting 16 player online play to run smoothly is no small challenge for a team of dudes working in their spare time.

These are the kinds of projects that tend to peter out and never be completed, but it's pretty rare for them to actually be supported by the rights owners. Would be pretty wild if this came out and was popular enough to spur a sequel.