It wont just be a competitive multiplayer game though. Crytek has also said that Warface will also offer an "extensive PvE universe full of dramatic multiplayer cooperative missions."
Just yesterday on GamesRadar, two of our editors were debating the merits of the free-to-play business model, and while it's clear there are both positives and negatives, games like Warface make it clear that F2P is here to stay. Crytek was once one of the leading producers of expensive, gigantic FPS games on consoles and PC with games like Far Cry and Crysis.
The partnership with Trion Worlds bodes well for them too, as Trion has emerged as one of the top companies in online gaming with the spectacular (yet fading) MMO Rift, and the intriguing upcoming massively multiplayer RTS End of Nations.
The only thing we don't understand about Warface is why the developer (Crytek) of Crysis and Far Cry, opted not to name this game "Warcry." Seems obvious to us.