The R is from 'Racing' and only the 1st letter was unveiled. I mean, It'll be fully written on the logo.
They also say that this game will not be a sequel to an existing game... So no Riders 4, Drift 3, All-Stars Racing 3 or R 2...
I'm guessing that 'not sequel' statement is in the very strict 'direct sequel' sense, since I can't imagine SEGA making a Car Racing Sonic and not taking onboard what worked from All-Stars 1 and 2, so I'm betting we'll see something similar to All-Stars/Transformed, just set entirely in the Sonic world without the crossovers. Or maybe something that's a hybrid of All-Stars and Sonic R? Don't ask me how that would work...