Redwood Falls?

I found the embedded video entitled "Redwood Falls Cancelled FPS PS3/360 game" on YouTube tonight. I decided to take a look at it out of curiosity and to my surprised it looked very good!!!

After watching the video, I made the following observations:

• The game looks to have been in development for quite a while, and it seems to be a very mature product.
  
• The game seems eerily like John Carpenter's 1982 classic "The Thing"!!!
  
• The deformation system seems to be very good, and all that is lacking is the physics depicting more realistic impact when the creature is hit by shotgun rounds.
  

I'm not sure why (or even if) this game has been canceled, but here's hoping it finds a new developer/publisher because what I've seen so far has a lot of promise!