Here is something that will certainly get people talking. Now I must stress that none of the following is confirmed, niether Crytek or Microsoft has commented on this rumour, the information has supposedly come from Crytek themselves. There are no specifications for the system as of now but Crytek are using Microsoft's DirectX 11 as the standard for their next console. The console is said to be announced at next year's E3, while this is believed to be earlier than when Sony will announce theirs, the game is still intended for Sony's next system too.
If this turns out to be true then what does this mean for the current systems? The next Halo trilogy was announced for the 360 (which will not happen, but still) and Crytek have said that they will support Nintendo's new system; the Wii U. More importantly why chose the Timesplitters franchise to launch the new system, people who have only recently got into gaming have probably never heard of it. The highlight was easily Timesplitters 2 from 2002 but shooters have changed drastically since then and given the nature of those games (play them and you'll see) will Timesplitters 4 be relevant in 3 or 4 years time? Speculation is really all we have right now and it will have to do until something concrete is revealed regarding this story.