They are shooting for the top of the RPG genre regarding production values (and in almost all departments - they are very conscious where their weakness are at the moment). Project plan and team framework is still in production.
I know for a fact that animation, film experience, physics/destruction (very important), highly detailed humans, animals, environments (realistic tones with fine artistic touches) are all on the table as priorities/elements in this phase (systems/gameplay are almost covered). In all these departments they plan to be no 1. RPG studio with this project. It's very ambitious and really important for team to scale-up at these skills/qualities/elements in early phase. They are rapidly changing internal perspective on how to make modern RPGs. (pipelines, but also they are switching some other perspectives
Also, as a highlight they plan to have very very strong motion capture team.
Game is still in very early development and core team is yet to be finalised, few key senior positions are still missing for larger scale production. They are waiting for seniors and team on Wasteland 3 to integrate them in core team for new project and further expand to unlock first phase of full production. Later on they plan to further expand and outsource.
I don't know if it's new IP or existing at this moment, but those are the tones/elements that they are searching for.
Also, atmosphere in team is excellent and they are really confident. This game will be on whole new level for XGS, whole team believes that.