According to the official site, Warface is "AAA4FREE!" What I think that's trying to say is that it will be a big budget game driven by a powerful engine that will cost you no money to play. It's being made by Crytek, who made Crysis using their CryEngine. It's a good job they haven't stuck to their naming conventions or we'd be talking about 'Cryface' right now.
Anyway, it's doing very well. It's in closed beta over here but the shooter seems to have taken Russia by storm. GamesIndustry International mention that it currently has ONE MILLION subscribers over there. 28,000 players were seen playing at the same time, which is apparently a Russian record. The early Warface trailers look pretty smart, and the addition of a good mech always go a long way. Early indications suggest this might be one to keep an eye on. You can sign up for the closed beta on the Warface site .