With Bioshock 2 having been just released Summer of 2009, Irrational and 2K games are back with a non-direct prequel/sequel to either of the first two Bioshock games. This third installment in the series takes place in 1912 in a collapsing air city, and the player controls Booker DeWitt as he tries to save a girl named Elizabeth. Although there are many more details now available, I will keep it limited for those gamers who don't want the story spoiled for them.
Bioshock Infinite has a been announced to have a release date of sometime in 2012, and will be released on the Xbox 360, Playstation 3, and PC.