According to an interview with Codemasters vice president Gavin Cheshire in the latest issue of Edge, the studio is currently hard at work on Dirt 3 and innovation here is the "key to success." Codemasters is pretty well known for racing games like Grid and Dirt, it's the unique features the studio brings to the table that continues to keep the franchises fresh.
Speaking with the magazine, Cheshire says that "there's an overwhelming arcing vision to all of our racing titles, and Grid is incredibly strong, but we're lucky enough to be in a position where we've got racing games in different areas. Dirt was a complete reboot "“ we threw away what was going on and redid it completely "“ and then we rebooted Grid because it wasn't top gun, and then we rebooted Dirt 2. I'm not saying we're throwing all the codebase away, but we're throwing the thoughts away and coming out with something fresh and new. Because if you don't innovate, you're dead."
Cheshire also mentions that "it's all about letting the teams just innovate" and thanks to that "there's some great stuff coming from Birmingham that's going into Dirt 3."
Source: Edge Online