Hideo Kojima demonstrated Metal Gear: Rising for the first time just now at Microsoft's E3 press conference in Los Angeles.
Apparently Rising is based on 'Zan-Datsu'. 'Zan' apparently means to cut, while 'Datsu' means to take.
Footage of the game showed a heavily armoured mech man taking on Rising hero, Raiden, who made swift work of the cyborg with his incredibly sharp sword.
Raiden then proceeded to rip out the enemy's electronic guts and absorb its power.
The footage also demonstrated the precision cutting system as Raiden got his cook on, chopping up a melon like a pro.
UPDATE: Trailer added.