The official announcement states:
Initially, Project Reality 2 will be a small scale, infantry based FPS with a comprehensive weapon handling system that will aim to be as realistic as possible. Map sizes will be 1km and 2km with an Advance and Secure (or “AAS”) style game mode, similar to that seen in the Project Reality: BF2 and Project Reality: ARMA 2 modifications.
Project Reality 2 will mirror it’s predecessor in that it will strive to be amongst the most realistic of multiplayer shooters. The game will be free to play, most likely in a genuine sense, and as yet has no release date; though the developers did say that an alpha release is still some time away.