Two things we know: 1. Metal Gear Rising: Revengeance is a spin-off and not a true MGS franchise entry. 2. As a result, there won't be as big of an emphasis on storyline.
Kojima Productions handed this project off to Platinum Games, and the latter's Bayonetta and Vanquish were excellent, but of course, the focus was squarely on the action. You'll probably see that same approach with Revengeance .
In the latest KP Project Episode, it was revealed that the length of the cut-scenes will be "a little shorter" when compared to other games with "Metal Gear" in the title. Most of the plot will be unraveled through codec conversations, and those can be heard in real-time while you play. However, they did say there's a "huge amount" of content in those conversations…provided we're willing to listen. We might be too busy doing other things…like, killing.
Me, I play MGS for the story; I'll play this for a very different reason. And I'm okay with that. Metal Gear Rising: Revengeance is set for an early 2013 launch in North America.
Related Game(s): Metal Gear Rising: Revengeance