Bloodborne is the From Software title you've been waiting for.
The rumored title Project Beast is actually a new PS4 exclusive, Bloodborne.
Aside from a terrifying aesthetic, the trailer doesn't tell much about the game. Monstrous creatures and inhuman humans are doing creepy things in a frightening city. The Youtube description of the title states, "Face your fears as you search for answers in the ancient city of Yharnam, now cursed with a strange endemic illness spreading through the streets like wildfire."
The developer, From Software, most recently released the Dark Souls games and before that was know for the Armored Core franchise. Leaked information about a From Software game coded Project Beast has been something Souls fans have been looking for confirmation on for a while, and this appears to the be title.
Unlike the Souls games, players will explore a gothic city and deal with "deranged mobs and nightmarish creatures" using a variety of weapons, including guns and "saw cleavers". Sony's webpage for the title calls it a strategic action game.
The PS4 exclusive is expected in 2015.