Not to be outdone by Gamespot and their E3 preview, Gamespy now have one too!.
Amongst other things, the preview confirms that Bioshock will not have a multiplayer element so they can focus on the singleplayer game, and that we get it before 2012.

Water also plays heavily into the surroundings. You're surrounded by it on the outside and it's seeping in everywhere inside. You hear it almost everywhere you go. Thanks to a heavily tweaked version of the Unreal Engine that Irrational has dubbed "Vengeance", you may not see better water effects anywhere outside of the Atlantic and the Pacific. There will be no multiplayer mode, but that just means Irrational has more time to focus on the single-player game.