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No details yet, but it's apparently been in development since 2002. There's loads of exclusive info about it in the October issue of Game Informer, so I guess when that comes out we'll be able to get all the first bits of info and screenshots of it.
This has gone right up to near the top of my most wanted list that's for sure.
As long as the game has code on it to look for downloaded content it should work fine.
With mod downloads, yes. You'd need some sort of OS for it though...no?
Or you know, I could just buy the PC version I suppose...