WTF happened to The Precursors (xbox 360)?

Originally supposed to come out way back in 2007 and was one of the games I was looking forward to when I first got my 360. Anyone know if it's still coming out or any update on it?

Trailers for the game.

http://www.youtube.com/watch?v=Z1ouBwUwy30

http://www.youtube.com/watch?v=4BJ-Rhj9H44