You can't really screw up the Far Cry license, as the game was basically just an engine with lots of jungles, mutants, good AI badasses and a cursing protagonist. No big deal, even I could come up with such a franchise during a morning shathouse-session. In fact, I even think Ubisoft might give FC2 an actual soul. That's win-win, if you're a fan.
However, Piranha are good and competent developers, even if they couldn't handle their technology, which eventually led to a horrible game. But I forgive them - may they learn from their mistakes, and may Risen become an awesome game.
But we're talking about some fackeen Indian company here, for gods sake. That's like outsourcing the Fallout license to... wait. I guess everything's possible these days.