May 1 is apparently the official release date. Kotaku's report says it doesn't know if it's an expansion or what, but given that it has Arcade-branded art, I think it's safe to say this is a stand-alone FPS game that will be shorter than a typical retail release.
Far Cry® 3 Blood Dragon is THE Kick-Ass Cyber Shooter taking place on a bizarre open-world island crawling with evil. 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 cliché of a VHS era vision of a nuclear future, where cyborgs, blood dragons, mutants, and Michael Biehn (Terminator, Aliens, Navy Seals) collide. Playing Far Cry® 3 Blood Dragon doesn't require a copy of Far Cry® 3.
Xbox Live: http://marketplace.x...15-d802584113bf
I've always wanted more developers to make smaller games like this -- looking forward to seeing how it turns out. Leaked screenshots can be seen here.