Somehow I avoided learning about this until today, but Codemasters is working on a sequel to Operation Flashpoint: Dragon Rising.
I kind of like Dragon Rising, although I don't think it should've had the Operation Flashpoint title, as it was a very different game from Bohemia Interactive's Operation Flashpoint/ARMA series. It's too bad it was struck by a short lifespan thanks (largely) to a lack of dedicated servers and some very serious lag problems and bugs right after release.
After reading this article, it sounds like Red River is going to be even less of a simulator, which might be okay - Dragon Rising filled a nice niche between a proper milsim like ARMA 2 and a straight up shooter like MW2. I'm looking forward to this new title, slated for a 2011 release, albeit cautiously.
Here's the (admittedly pretty cool) trailer that brought my attention to this game's existence.