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It has been confirmed that Microsoft have indeed acquired Playground Games and they ARE making an open world non racing game (rumoured to be new Fable).
Playground founder, Ralph Fulton had the following to say about it...
We feel like we've become pretty good at racing games over the years,". "We can always get better, we can always strive to get better but we'd love to prove ourselves in a different genre.
"That's another goal of Project 2, to allow us to do that. We're going to need to hire some very talented people with experience that we don't have."
"That's another goal of Project 2, to allow us to do that. We're going to need to hire some very talented people with experience that we don't have."