Just saw this on ign.com thought you would all enjoy.

"The game takes place in New York's Little Italy during the late 1940s and early 1950s. Players move freely through a virtual re-creation of the movie's setting, taking on missions as they see fit. As an original member of the Corleone family, your goal is to earn respect by successfully clearing missions, rising up in the family ranks. Your character is your own creation. Although EA hasn't revealed specifics, it's promising some revolutionary new way of character creation -- something that hasn't been been done before. We'll leave the speculation to you for now."

They are saying that the game is only 15% finished right now and that seems about right considering it will come out sometime in the 4th quarter of this year. There is a lot more on this page about the game and how it they plan on using cinematic sequences that allow for player interaction.

http://ps2.ign.com/articles/579/579750p1.html