Yes, yes, yes... But any FPS?! ...Rise of the Triad, my friends! This hasn't been done for years and I'm SO GLAD to hear than Raven is pulling all the stops. Hell yea.
Someone made a random level generator for Doom, too, although it was a 3rd party, of course. The levels ended up being very similar to ROTT levels in that everything was connected at 90 degrees and it was a flat plane, but still, it was pretty neat that someone did it.
The trick, I suppose, is to make the random stuff halfway interesting. =) I'm assuming from what I've read that the random scenario will include generated terrain and have buildings and stuff, and it should be pretty cool to see how random you can get with a game of such potential level complexity. The info I've found on the random system is severely lacking in details, so maybe my expectations are too high (I hope not :)).