Not really the first, but the first for a long bloody time.
OpFlash 2 is Codemasters' internally developed sequel to Bohemia Interactive's original opus. Bohemia went on to produce the unofficial follow up ArmA, with the rights to the license staying with Codies.
All the signs are worrying - it's a publisher developed follow-up to an indie game, it's had an almost zero profile for a number of years, and Codies has no experience in the genre.
There is however, one thing going for it - it's taken so bloody long. Look at the situation Sierra found itself in with FEAR - it took the name, and trolled out a couple of cheap, subpar expansions, while Monolith went on to develop a full but unofficial sequel. Codies obviously don't want to do that, and that's a Good Sign.
Eyes peeled on this one.