As for the different era's idea that in itself would be extremely hard to pull off. You would have to code and design different vehicles and vehicle variants for each era, some customization options might exist in one era and not the other, some weapons might be locked out because the technology wasn't available at the time and the biggest elephant in the room would be the various open world locations, npc's and different notoriety systems. Now sure Timesplitters could pull it off but open world games tend to be a bit harder to pull off with finesse then say your typical FPS. However if they do continue down the "wacky, dadaist, sci-fi" route than I would have to agree that the "New World" idea would be the best fit. Maybe this new world could actually be another Earth (as in same history, human population etc) albeit with more advanced technology (think somewhere in between Deus Ex and I-Robot).
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