Today during their Game Developer's Conference panel, Hideo Kojima has officially revealed that The Phantom Pain which debuted at Spike Video Game Awards to indeed be Metal Gear Solid V.
Combining with Metal Gear Solid: Ground Zeroes, both titles will make up the next iteration of the Metal Gear Solid franchise.
The Phantom Pain starts off with Snake waking up from a nine year coma and escapes from the hospital he is in, forming the tutorial of the game. The game itself will be an open world but for the opening tutorial it will be on rails to give the player a feel for the system. The trailer is run during real time and is currently running on PC.
Metal Gear Solid V will be released on Xbox 360 and Playstation 3.
An extended trailer shown at the keynote is finally available online: