Found from Digg. it looks like COD is breaking from the WWII era and bringing the franchise into the 21st century with modern warfare.
I gotta say that I didn't rate COD3 much as I didn't think there was a great difference from version 2 on the Xbox 360 and although this looks good, i just hope they have added something more to the game play.
Check it out at http://news.filefront.com/call-of-duty-4-bog-rescue-gameplay-video/