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It's a speculation, but as someone already pointed out in another related thread, apparently SoE trademarked the name H1Z1 which was the name of a mutant virus that caused people to turn into Zombies used for a hoax in 2009.
Looking at the picture Smedley posted on Twitter, everything comes together.
From a Trademark website: (Trademark Registration)
"Product information about H1Z1 is provided. H1Z1 is a product and service created by Sony Online Entertainment LLC in 8928 Terman Court , San Diego, CA, 92121. The H1Z1 is a product and service related to Computer game software and video game software; downloadable multiplayer, role playing, real time computer and video game software via an online website for entertainment purposes. The H1Z1 product and service has not yet been made publicly available yet in the United States"
From Wikipedia: (H1Z1 Hoax)
"H1Z1 Hoax: The Zombism hoax was an internet bogus in 2009 that described mutation of influenzavirus H1N1 into another unrelated "zombie" swine flu virus. Alleged news source was posted into a private-owned website patterned after the BBC which made the article seemed true. The virus, which was named as H1Z1, can turn infected humans into a zombie after their death."
Since Smedley recently announced something for the SWG veterans, this is probably what he was talking about......... a Zombie MMO.
It will probably be a cross platform game developed also for PS4, since at the moment Zombies sells, particularly on Console.