The new game is a cyberpunk noir style "detective" story. There are two distinct environments in which the protagonist operates: meatspace is a dystopian near-future urban setting and cyberspace is a Gibson-style virtual reality environment with TRON-like visuals. Each environment would need to have its own inventory. Cyberspace can be reached at almost any point in the game by using a computer of some kind, but certain areas would require the player to be in associated meatspace locales because of firewalls and such.
The game opens with a straightforward puzzle that the narrator more or less walks through. You're on a normal corporate espionage mission which suddenly goes horribly awry when you uncover a major conspiracy and set off all sorts of alarms. You have to get out in a hurry with private security (translation: thugs with legal immunity) hot on your heels and all over your home and usual hangouts. Your primary servers have also been compromised, denying you access to most of your normal tools and resources. (This gives us an excuse to start the game with only the most basic of tools and isolate the protagonist from his usual network of contacts and allies.)
The goal of the game is to get the security thugs off your back, probably by taking down the conspiracy without incriminating yourself in the process.