Bethesda announced today the opening of a new development studio, Battlecry Studios, in Austin, Texas. Heading up the new team will be Rich Vogel, the former executive producer at BioWare responsible for Star Wars: The Old Republic.
The studio is hiring for other positions as well. Their jobs board has listings for a Lead Designer, Art Director and a number of other key jobs (few more critical than that Monetization Designer, I suspect). So they're still in a very early stage, which is probably why they've revealed absolutely bupkis in regards to what the team may or may not be developing.
If I had to lay down some cold hard cash, I would bet it will be Online, likely Multiplayer and of a size somewhere around the general vicinity of Massive.