There was plenty of hype surrounding the Mechwarrior 5 trailer created by Piranha Games which ran into some legal trouble with Harmony Gold. They ultimate had to cease development of the new title because of copyright infringement of the mech designs.
This is that video.
Now they have re-launched their game as a F2P MMO it appears. This is great news not only for Mechwarrior fans (since we haven’t seen a decent mech game in some time, much less a Mechwarrior title) but for mech fans in general since a mech MMO has never been created.
The new Mechwarrior installment will run on CryEngine 3 and is scheduled for a summer 2012 release. Keep a look out for it. Until then you can bide your time in the Mechwarrior: Living Legends mod for Crysis.