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Story (Obviously spoilers will reside here.)
-The game picks up right where AC2 left off (1499) with Ezio in the vault having just met Minerva.
-He returns to Monterigioni to rest and take a break but the villa is struck by a counter attack from the Papal forces, lead by the game's new nemesis: Cesare Borgia.
-Ezio fights to defend the villa but is ultimately defeated and wounded by a squad of riflemen.
-Ezio then goes to Rome (1503), the center of power and corruption, to defeat the Templars at the heart of their territory.
-There he will rebuild the assassin brotherhood to assist him and save Italy.
-The story missions are said to contain more exotic gameplay/"wow!" moments.

Gameplay

Combat
-"Strike first; strike fast" is the motto that the development team approached combat with this time around. A more aggressive style will reward the player with a quickly accumulated pile of bodies.
-Chaining attacks together will allow the player to begin a long chain of moves, each of which instantly kills the adversary it is used on.
-Guards are more aggressive and will rush to surround Ezio and attack from all sides, even interrupting counter kills and combo strings.
-On that note, counter kills are still a prominent feature in the combat.
-Disarms return
-Ezio can now throw heavy weapons to quickly bring down an enemy with them.
-Ezio also can quickly use the hidden gun in combat now.

Enemies-There will also be new guard archetypes. We've seen Brutes and Seekers make a return. Common soldiers also return to fulfill the grunt role, although I prefer to refer to them as "Assassin Bait". Anyway, the Assassin Bait unit is back and just as expendable as ever. A new Archetype being introduced is the Rifleman. These will be taking the place of archers on the rooftops. I'm not personally sure if they're replacing archers 100% or if "those goddamn archers" will still have a role.
-(I'd like to make a mention of "The Papal Guards". In Singleplayer Commented Walkthrough(4:20) it seems like the Papal guards are being called a new archetype. I'm not sure if that's the case or a miss-wording. To me it feels like it would be more specific to refer to them as a "guard faction". I'll just leave this on the table until more information can be used to settle this.)

Free-running-All the usual free-running elements seem to make a return.
-A new addition are "chase breakers" which will feature prominently in the Multiplayer. We know of one that is definitely in the single player which is the Merchandise lift, a rope and levy system which can instantly carry Ezio up many stories. I'm not sure if chasebreakers or falling beams will be in the single player or not, so I'll explain those in the Multiplayer section.

Stealth
(I haven't seen much stealth in the single player demonstration so I'll have to base this section on Multiplayer footage)
-The usual hiding spots are back: Crowds, Hay bales, benches, and most likely rooftop gardens.(I bet we haven't seen them in the Multiplayer because the Devs decided they were pretty much useless in that situation)
-One new hiding spot has been introduced and that is in front of a merchant stall. Position your character in front of the stall and (s)he will begin talking to the merchant and just look like an ordinary customer.

Equestrian-Horse gameplay is reported to have been redone.
-Changes include: Fighting other enemies on horse-back
Horse to ground and horse to horse assassination moves are promised.
Horses can now be rode through the city.

Weapons/gadgets

-The basics return from Assassin's Creed 2: Daggers, swords, hammers, heavy weapons, and long weapons(spears/pikes).
-The iconic hidden blades also return with the hidden gun. I assume the poison blade will as well but it isn't confirmed yet.
-Smoke bombs and throwing knives come back and are accompanied by the long-desired crossbow.
-A new and improved flying machine is also rumored to make an appearance.

The Brotherhood

-Ezio can recruit citizens within Rome to join the assassin's order. One example of how he meets a new potential recruit is by saving them from a group of harassing guards.
-Ezio will be able to recruit males and females
-Ezio can send those recruits on missions all over Europe and the rest of the world. For example, there is a Vasco da Gama(sp?) mission.
-On these missions they gain experience to improve their skills.
-Sending them on a mission that is too much for them to handle will result in their death and open up a new position in the brotherhood.
-Ezio may also have to equip these recruits with weapons and armor. (I'm not really sure on this one... can somebody help me out?)
-The current cap on how many people can join the brotherhood is 12. The developers are still working out balancing issues on this so this number could very well change from the time it was reported to the game's launch.
-Ezio can call on members of the brotherhood to assist him within Rome using a function called, "BAM".
-BAM is an abbreviation for "Brotherhood Assistance Move" (Somebody will have to fill me in because I can't remember what it means.)
-Ezio can use BAM to call in available members of the brotherhood to do things such as: Eliminate a group of guards with a volley of arrows.
Engage a group of guards in hand to hand combat.
Throw down smoke bombs to cover Ezio
Eliminate some rooftop guards
etc.
-Brotherhood members can also be killed while performing a BAM command so it's best to be careful with them.

Economy

-Shops return
-Ezio will be able to renovate areas of Rome.
-In this way he "brings the Renaissance to Rome".
-The city will look less gloomy and the guards presence will lessen in districts that Ezio invests in.

[multipage=Multiplayer]

Multiplayer

Game Modes8 players
-Each player is given another player as a target.
*A picture of the target is displayed in the upper-right corner of the screen along with some white diamonds equal in number to the amount of additional pursuers that are hunting your target.
-The higher your rank, the more likely you will have multiple players hunting you.
-Your rank is displayed in the upper-left corner of the screen. Next to your rank are red diamonds equal in number to the amount of pursuers hunting you.
-The winner is based on who gains the most points
-Points are gained by making kills and escaping your pursuer.
-More points will be awarded per kill based on the style of the kill. For example, an aerial kill will give more points than just running up and killing the target.
More modes are to come

Characters-Characters each have individual animations for their kills, a unique appearance, and unique weapons. However, these differences are purely aesthetic and they all function the same way.
Prowler
-A hooded man who resembles the traditional assassins. However, the Templar cross is clearly stitched into his cloak.
-He uses the "Switch blade" which appears to be some variation of the hidden blade.
Executioner
-A large, muscular man with dirty, brown clothes, and a brown cowl.
-He uses a broad, one-handed axe.
Butcher
-A Sweeny Todd-esque barber who wears plain looking clothes but has a sinister stare... equally sinister is his facial hair.
-He uses the tool of his trade: A razor sharp... razor [/cheesy humor]
Courtesan
-An attractive woman with suspiciously large hands 0:40
-She uses a pink fan made of sharp blades.
Merchant
-A man in red, baggy clothes
-Weapon: Unknown
Noble/banker
-A slender man whose outfit is mostly brown and yellow. His clothes look like they have a lot of fine furs in them to suggest he is wealthy.
-Weapon: Claw
Doctor
-A man in a black robe with a beak shaped mask.
-Syringe
Priest
-A bald man in priestly vestments
-Dagger
Harlequin
-A frightening carnival clown
-Appears to use two slender daggers
-Exclusive to pre-order from Gamestop.
Officer
-A dark man in a dark cloak.
-Uses a dagger.

Abilities-Abilities take 60 seconds to reset after use.
-You can only have two abilities equipped at a time
-You can have three presets for three distinct pairs of abilities that you can switch to in between lives.
Smoke Bomb
-Creates a thick cloud around the user that will temporarily stun NPCs and other players alike whom are caught within the area of effect.
Hidden Gun
-Once activated you have to wait for the Animus-generated lines to converge on the target. Once they form one solid line, you can fire to instantly kill the target.
Throwing Knives
-If you hit your target with a throwing knife their speed will temporarily be reduced to a limp. If they are using free running then they will be knocked to the ground.
Morph
-Blend with a crowd and activate Morph to change the skins of the NPCs to that of your character.
Disguise
-Disguise temporarily changes your skin.
Speed Boost
-Speed boost gives you a short burst of speed (approximately a 140% increase to the full sprint).
Decoy
-Changes a nearby NPC to the skin of the user and sends that NPC running in the opposite direction of the character.
Charge
-Charge allows the player to run quickly through a crowd knocking them over in order to clear a path.

Kill Types (New as of July 11th)-All kills provide 100 basic points. On this list is the amount of additional points awarded for the kill.
-It is possible to gain bonus points from more than one of these criteria. For example, if you use the air assassination without being spotted by your target, you will gain a total of 400 points, including the basic +100, the aerial bonus +100, and the silent bonus +200.

-Stealth: Kill your target without becoming exposed to them. +200
-Revenge: Kill the player that killed you last. (They must be your target) +50
-Aerial: Kill the target with an air assassination. +100
-Acrobatic: Kill the target while you are free-running. +100
Ex: Kick them down while they're climbing, kill them immediately after jumping across some beams or, knock them from a beam.
-Hidden: Kill your target from a hiding place. +200
-First Blood: Be the first in the match to perform a kill +50
-Three Kill Streak: Get three kills in a row without dying: +200
-Discreet: (I don't see how this is any different from Stealth in terms of performance, but it is an actual bonus 4:07) +50

These two aren't kills but they're still a way to earn bonus points so I'll include them here
-Escape pursuer: +100
-Humilate Pursuer: +200 (Humiliating the pursuer also gives you the points for escaping them so that totals to +300)

Maps
-Multiplayer maps are custom made for the multiplayer rather than cut from the game world.
-There will be levels in several cities, so far including Rome, Florence, and San Dominato.
-Some levels will be tight and compact to encourage stealth gameplay while others may be large to encourage free-running.

Chasebreakers-These include gates which will close behind you when you run through them, beams and poles that fall after you've touched them, and the Merchandise lift, which I've already explained.
-Chasebreakers can be used to put some distance between you and a pursuer.
-After a few seconds they will reset, but those few seconds are all you or your target may need to escape.

Misc.-Ezio has a new outfit.

what else we know is that this is gonna be just like the other ones, this ones gonna suck balls as well

I'm Just Really Looking Forward TO The Multiplayer ... Running Around , Going Behind People And Assassin them Saying "GET ASSASSINED MUDHA FAAAHKKAAA . "

i say the multiplayer is going to be shit. i cant wait though

Should be good,it's on my list to get...along with so many others

cnt wait to play the multiplayer ... it looks epic

Been pumped for this since the confusing end of the 2nd one.

Yup, cant wait to get online, love the AC games.