EA just beat Microsoft's entire press conference in the first 5 minutes when they revealed Need for Speed: Hot Pursuit, developed by Burnout creators Criterion. The game is a reboot of the series as envisioned by the Criterion team, and it looks great. One of the chief new features is the ability to play as the cops in both campaign and multiplayer.
They demo'd a cop vs criminal race for us, and it looked fantastic. One of the things I noticed most was the great transition from an intro cutscene to the race itself, which was entirely seamless with the exception of the HUD fade in. I can't wait to get my hands on the game and find out how well it plays.
Given the DualShocks the crew was demoing the game with, NFS Hot Pursuit looks to have been developed primarily on PS3, though I'm sure the 360 port will be great.
The game will be out November 16th.