Sony unveiled Killzone 3 prior to E3 this year. It will release in February 2011, exactly one year after the release of Killzone 2. It has man-handled gatling guns, it has jet packs, it has eerily animated death animations, it has 3D.
Basically it's looking great so far and Guerilla is also addressing the problems with control sensitivity that plagued its predecessor, meaning properly good gameplay is in the works.
In any case, the Killzone 3 beta site has officially launched, meaning a beta is incoming, obviously. However, even though it asks for users to sign in with their PSN account, it appears that it isn't working at the moment. So keep checking back in case it decides to finally start functioning properly.
The game was on the showfloor at E3 this year and GU can vouch that it looks spectacular. Here's to hoping it plays the same as well.
Source: Killzone 3 Beta Site