DmC: Devil May Cry plays out in a parallel dimension to past entries in Capcom's action franchise.
According to a Ninja Theory interview in the latest issue of Dengeki PlayStation, as reported by Siliconera, that means you'll be playing as a different Dante.
The 'old' Dante still exists in the main Devil May Cry series and in the Marvel vs Capcom 3 universe.
Apparently it's not a case of Capcom hedging its bets - the dimensional split was actually Ninja Theory's idea.
Eurogamer's recent DmC preview has more on how the controversial title is shaping up ahead of its planned 2012 release.