During EA's Press Conference at E3 2012, Dead Space 3 has finally been revealed. Visceral Games not only confirms that the game will have a drop in, drop out feature, they presented a live demo of Dead Space 3. Not sure what to say about the co-op yet but this is definitely not the Dead Space I was expecting.
Dead Space 3 gameplay demo
Dead Space 3 trailer
The biggest problem I have with this reveal is the fact that Dead Space 3 looks more like a third person action adventure rather than a survival horror. Dead Space is what kept the Horror genre alive, but this third game doesn't seem to hit into that category anymore.
Dead Space 3 is set for a February 2013 release.