As the name suggests, Tony Hawk's Pro Skater 5 will follow on from the first four original games in the franchise. Taking the game back to it's roots, we're bound to see game mechanics and features that were dropped out of the newer titles.
Tony Hawk himself has been suggesting for a while that a new Tony Hawk game is in the works but this is the first time we've heard anything from Activision.
The studio responsible for the development of Tony Hawk's Pro Skater 5 is Robomodo. Whilst they're by no means a bad development studio, they're perhaps best known for their other Tony Hawk titles, Shred and Ride. Robomodo also created the HD remake of Tony Hawk's Pro Skater.
It will be interesting to see what Robomodo can do with Pro Skater 5. They are probably the most qualified team in the world right now to be given the job of bringing Tony Hawk back to life, but we've not really seen if Robomodo can do a good job at making a "proper" Tony Hawk game yet.
So far we do not know anything about a release date for Tony Hawk Pro Skater 5. A lot of the details have been saved for exclusive features for various publications so we'll have to wait a little while before we can find out more.