Some details recently surfaced about Far Cry 3: Blood Dragon and as it turns out this appears to be a standalone digital spin-off as evident by the XBLA listing on Xbox.com. The description is pretty awesome:
"Welcome to an 80's VHS vision of the future. The year is 2007 and you are Sargent Rex Colt, a Mark IV Cyber Commando who's fighting against a cyborg army gone rogue. Your mission: get the girl, kill the baddies, and save the world. Experience every cliche of a VHS era vision of a nuclear future, where cyborgs, blood dragons, mutants, and Michael Biehn (Terminator, Aliens, Navy Seals) collide."
Michael Biehn, woo! Anyway, expect this one to hit PSN and possibly PC as a digital download as well. The release is set for May 1.