We've had long suspected that The Phantom Pain trailer released during The Spike VGAs were in fact
Metal Gear Solid V. And at GDC 2013 today, that suspicion has been confirmed.
Kojima took the stage and said that The Phantom Pain,
combined with Ground Zeros, is Metal Gear Solid V. So, there you have it folks. It's running on the new Fox Engine, which is set for the next generation of consoles. I'm guessing this means no PlayStation 3 or Xbox 360 and that it's heading to the PlayStation 4 and maybe the next Xbox. Actually, I think it will be on the net Xbox as the fake developer page for The Phantom Pain listed Microsoft as one of its platforms.
Here's the GDC Metal Gear Solid V trailer for everyone to get a look at.