The above snapshot of GameInformer's August issue is all we have of Bethesda's new title Dishonored, the newest project of Arkane Studios after their acquistion near QuakeCon in 2010.
Dishonored is a first-person action game by co-creative directors Raphael Colantino, lead designer on Arx Fatalis, and Harvey Smith, lead designer for Deus Ex. The game is slated for 2012 on Xbox 360, PS3, and PC, and from what I gather, is still so early in production that they didn't show it at E3 in June.
The best I can surmise from the cover shot is that Dishonored has almost a Bioshock approach, a futuristic past where cyborgs roam about a city drenched in noir. Certainly interesting and fits well alongside Bethesda's alien shooter Prey 2.