it will probably have a 3rd person view option. . I just progressed a little farther in farcry and i nearly had an aneurism over the amazing graphics... and this game Project Offset looks a heck of a lot better than farcry.
Looks very cool, I just hope it doens't take as much time as STALKER to develop. I'm skeptic about cool swordfights in first person view though, I think a 3rd person camera would be better for that (Prince of Persia comes to mind).