EA announced that the working title 'Burnout 5' will infact be titled Burnout Paradise. Like we knew before, it features an open city for you to free roam in. We still don't know allot on the game. They added with the announcement there will be big surprises in store for us, but they didn't say what they were. They did say that the core gameplay will be pure Burnout. So that's a good thing.
With the announcement EA released a teaser. You can watch it here.
Burnout Paradise will be published by EA Games and once again developed by Criterion Games. It is scheduled for release Winter of 2007.