The game, which is being developed by Terminal Reality, will center around the characters of Daryl and Merle Dixon with players taking control of Daryl as he and his white-power preaching brother make their way across Georgia to Atlanta in search of the rumored safe haven from zombies. As Daryl, players will attempt to avoid detection by the walking dead, which are able to hunt by sight, sound and smell. You will have to choose whether to sneak by and be stealthy or to go full on "Daryl" and bash in the head of every walker you come across.
Be warned, though, if you choose to fight your way through the game, you will have to be cautious. Supplies will be scarce and you will need to meticulously manage your food, ammo and other supplies in order to survive. In addition to walkers, Daryl and Merle will also encounter other survivors and characters that will either help or hurt the backwoods brothers. Whether or not these players accompany Daryl and Merle is completely up to you and, according to Activision, "represents just some of the major decisions that will constantly be made while fighting to survive."
The game is set for an actual, physical store release, another way it differs from Telltale's downloadable, episodic game system. Activision has stated that players can expect the game to come out on the Xbox 360, PlayStation 3 and PC sometime in 2013. Other than that, details are scarce, though the official website for the game is up if you want to check it our for yourself. No word has been released about multiplayer, though it would seem likely, considering there are two characters, Daryl and Merle. Possible drop-in/drop-out co-op? Only time will tell.
Source: G4TV - The Walking Dead FPS Announced
IGN - Activision Reveals Walking Dead First-Person Shooter