The video shows a game that blends the companion-based gameplay of Ico with a massive rat-like creature reminiscent of Shadow of the Colossus. This combination has previously been hinted at by Team Ico leader Fumito Ueda.
"[Team Ico's new project] might be something similar to what's been done," said Ueda at this year's GDC. "Kind of a middleground... the essence of the game is rather close to Ico."
Wow this looks awesome. Ico gameplay mixed in with Colossus bits.