Is Blizzard Working On A New IP?

Rumors have been furiously circulating today about Blizzard's newest project. A project we know nothing about. A new project. Recently two new job postings went up on their career site, listed under 'unannounced projects'.
Blizzard is already working on Diablo 3, Starcraft 2, updates for World of Warcraft, the new Battle.net, and an unnamed 'Next-gen MMO'. Now this, what could it be? It's going to be networked, based just off the job details, but that's about all we know.
How many projects can one company make? More importantly, will there be Pandaren in it?








I've heard that the new project would be Steampunk based. If so - I can't wait!
I've heard that the new project would be Steampunk based. If so - I can't wait!
Last time Blizzard stretched itself this thin between so many projects was Starcraft Ghost and we all know what happened to that. Of course, the company has probably grown since then.