Kojima has revealed at the Games Developers Conference in San Francisco the trailer for Metal Gear Solid V. This trailer confirms that The Phantom Pain and Metal Gear Solid V are, in fact, one and the same. The Phantom Pain part of the story is to be a kind of prologue, with the Ground Zeroes part coming later in the game, with more open world elements.
The trailer (see below) looks amazing, as you’d expect, showing the game running on a PC in real time. Hopefully the final version of the game will be as good looking.