Sign in to Xbox Live today and you will see an exclusive announcement from Capcom regarding the sequel to their hit Lost Planet. The announcement contains a ton of in-game video as well as some Q & A with the developers towards the later part of the announcement. Confirmed is co-op play but its unknown if it will be 2 player or up to 4 at this point. Additionally from the video you can see the setting has changed from a frozen tundra to new settings that include lush jungle and water environments. For now you can only see it on Xbox Live so log in and get a gander.
Edit: It should also be noted that although this announcement came exclusively on Xbox LIVE today it is not “officially” known if this is in fact an Xbox “exclusive” game or “timed exclusive”. I have reached out to Capcom for clarification.