Unlike The Walking Dead Adventure Game from TellTales Games, which was based on the comics, this new FPS title from developer Terminal Reality (Ghostbusters: The Videogame, Kinect Star Wars), is based on the television series; which is certainly what most fans of the property expect. The game is a long ways off, currently scheduled for release on Xbox 360, PS3 and PC in 2013.
The developers plan to focus on survival in lieu of action, where players will be forced to deal with limited resources (typical of survival horror games, having to conserve ammo and health) and carefully handle the unpredictable people they encounter. Daryl and Merle will serve as the main protagonists in the game.
You can see what the game will look like with this debut The Walking Dead Activision FPS videogame trailer.
I only watched the first three episodes of The Walking Dead… I feel so behind. :P