"The game takes place seven years after the events of Infamous 2, where a network of security cameras throughout U.S. cities allows the government to keep a good eye on the population. The government claims that these are used to hunt "bioterrorists" (more specifically, people with Conduit powers like Cole McGrath), while events from the game indicate that they might be using the cameras for other reasons. The government has a special force for capturing "bioterrorists", called the D.U.P. (Department of United Protection).
The story begins when graffiti artist, Delsin Rowe discovers he has the ability to absorb other Conduit powers, in which he gains the ability to manipulate and transform into smoke, after he tries to save the people in a burning bus. The D.U.P. immediately names him a bioterrorist and attempt to arrest him. However, Delsin resists, and uses his powers to fend off the D.U.P. agents. Like previous titles in the series, Delsin's moral choices will affect the story's progression, as well as the abilities he gains access to."
So, loses points for not being Cole, although that does make sense for obvious reasons, but wins points for this "ability to copy other conduit powers." I don't know how they are going to explain how he gained this ability, but it sounds awesome, and it probably means he will have many different powers to choose from. I liked the lightning/ice/swamp powers in the second game, so I think this'll work out great.