We've heard rumblings that Vancouver was focused on the Halo IP -- could this be it?
There's a new webpage for the Microsoft first-party studio in Vancouver. On it they claim to be making "core" games for Microsoft, and looking for new team members to help them do so. It could be that they're working on a 'core AAA shooter' experience using Kinect.
A NeoGAF member found a resume on developer Shawn Woods' personal website, and on it they found mention of his current job as a art director/senior artist. In Vancouver, at Microsoft's studios, he says that their studio has recently changed focus, and is now "developing a core AAA shooter experience using Kinect."
There's no mention of the Halo franchise on the MS Vancouver site or this job listing, but the timing fits with things we've been hearing. Wouldn't that be an interesting game?