
The Phantom Pain was one of only two big announcements at this year's VGA's (the other being Dark Souls II) and might not be all that new after all. You can see the debut of the in engine footage here starting at 10:45.
Word on the internet is that this new game for next gen consoles is in fact Metal Gear Solid 5. Or perhaps Metal Gear Solid: Ground Zeroes. Are they just one in the same? Who knows. NeoGAF has been hard at work picking apart the trailer and at least to me it is pretty clear Phantom Pain is some kind of Metal Gear game. The main characters has a mullet for christ sakes.
However, master of the VGA's himself, Geoff Keighley, took to Twitter to dismantle any of those claims saying "Thanks for all the VGA feedback. The Phantom Pain is an a completely game[sic], nothing that has been shown before. I assure you of that." If the harbinger of Doritos-Dew says it's new it has got to be right?
I think it is pretty clear that The Phantom Pain is some sort of Metal Gear game that Kojima and company will continue to tease for years and years to come.