I remember first seeing it and thinking, "April Fools passed already."
After I gave it a chance, I thought, "Well, it wasn't a bad start." I'm okay with the concept. It needed a lot of refining, sure, but a FPS Mega Man game, or even better a MMX game, can potentially be good. Most people compared these videos to 1) Metroid Prime and 2) Bomberman: Act Zero. Could go either way.
Not that it matters. It was cancelled a while ago, and only just recently surfaced.