Assassin's Creed IV: Black Flag is set to drop this October in "next gen consoles", and it's looking mighty fine, though it remains to be seen if the final game will match the level of visual fidelity seen here.
As for the subject matter, it looks like pirates, jungles, ladies, guns, whales, and killing dudes are all points of order. Is that exciting? I find myself wanting this game to be something it's not likely to be. At one point in yesterday's trailer, a pirate calls our new assassin/hero Edward Kenway "A devil of a man", which made imagine how awesome it would be if he suddenly transformed into Akira Fudo, AKA Devilman/Violence Jack. Alas, no such event occurred. Instead, the man killed more men and then got ready to kill another man... again.
Are you hungry for a new Assassin's Creed game already?