DUST 514 is an MMOFPS from CCP, the developer of EVE Online. DUST 514 will NOT have a monthly subscription fee.
DUST 514 will be released on "consoles" - certainly the XBOX 360 and PS3 - at some point in the future. It has been under development for approximatley 4 years and will use the Unreal 3 engine.
DUST 514 will be a part of the EVE Online universe in that the results of the planetary battles in DUST 514 will have an impact on the ownership of said planets in the EVE Online universe.
Players will play as marines in these battles but will have access to customizable vehicles. Also, during games there will also be a commander who will (instead of FPS view) have an RTS-like view of the battle.
I heard about the plans to do something like this a couple years back, and I still think it will be very interesting to see what extent the developers will go to allow the two games to interact.
As was mentioned, EVE players usually game on the PC (and have spent countless hours on EVE), while the consoles will have a completely new customer base. How to connect these two groups to generate an emotional attachment to your objectives will be very interesting to watch.
If it is successful, I can see other companies doing similar things for persistent worlds.