There's a good possibility some people at Sony are not too thrilled with PlayStation Lifestyle right now. If that site is to be believed, the video below is a leaked trailer for the next project from Team ICO, the people who brought you ICO and Shadow of the Colossus.
PS LifeStyle points out that the opening imagery, of the chain leading down into a well, is similar to a recruiting image Team ICO used in the recent past. It also jives with what studio boss Fumito Ueda said back at GDC about "the essence of the game" being "rather close to ICO." Even the name Trico sounds a little suggestive of a third installment in a series, to my ears.
If it's not the real thing, it's an awfully elaborate, beautiful piece of fan service. Whatever it is, it looks phenomenal. What do you think of it? Is it E3 season yet, anyone?
EDIT: Quoth Vinny: "The animation on Falcor looks great."
EDIT THE SECOND WITH ACTUAL INFORMATION: A post on NeoGAF with a relatively plausible trail of evidence suggests this video is year-old internal test footage, which would explain the working-title-esque "Project Trico" name, and the fact that I thought the music sounded awfully familiar (it's said to be taken from the Coen Brothers' film Miller's Crossing.) Could this be some kind of viral, intentional leak, as the GAF posters suggest? The plot thickens.