They couldn't have picked a more appropriate name than Respawn-- Activision killed Infinity Ward, and now it's respawning at EA. This is like, the ultimate FU that EA could give to Activision. Activision just took a sledgehammer to the developer who made their biggest selling game, and now said developer has sought greener pastures with Activision's chief rival. Now, Respawn's first game will release under EA carrying a rightful "From the makers of Modern Warfare 2", and Activision isn't going to get a penny from it.
Modern Warfare 3, assuming Activision still has the publishing rights to it after this whole mess, will be a shadow of the franchise. MW2 had its flaws, sure, but it will be nothing compared to the massive hot mess that will be MW3. They've screwed the pooch, and it's costing them one of their best studios.
BTW, I wonder what Respawn's first game will be? I imagine they're going to move away from the Modern Warfare type game since MW3 is likely what they left Activision over, but maybe it will be a Call of Duty-like game set in a near-future setting, like the year 2050? Who knows, but I'm guessing it will be a shooter, and it will probably be more awesome than anything Activision will put out in the next 5 years.