Holy wow. Did some perusing and stumbled upon
this one-time-Junction Point concept artist's site, and I think this is what Gamasutra stumbled upon.
This looks like a Country Bear or something after acid. File calls it a "Beetle Thing"
[IMG]http://i30.************/mm7rko.jpg[/IMG]
This is pretty terrifying take on Mickey Mouse, the file says "Beetleworx," and I presume this is a variation of the BWX guy in the OP.
[IMG]http://i25.************/2hi022s.jpg[/IMG]
File's named "Cityscape."
[IMG]http://i25.************/2h5si74.jpg[/IMG]
Concepts for the Castle seen in the OP.
[IMG]http://i25.************/2m2hvno.jpg[/IMG]
Another concept
[IMG]http://i27.************/5mdzra.jpg[/IMG]
This file is named "Mean Street," which I guess is a take on the Main Street section of the Disney parks, and suggests that there may be exploration of the various "themed lands."
[IMG]http://i28.************/2dqstuq.jpg[/IMG]
This one's named "Tomorrowland," and would also suggest that there that one is exploring various "Themed Lands." Maybe even space.
[IMG]http://i28.************/24vk1ht.jpg[/IMG]
That beach scene the Gamasutra writer was describing. It's absolutely amazing.
[IMG]http://i31.************/2e3u34x.jpg[/IMG]
So, in conclusion:
THIS GAME MUST COME OUT!!! (Feel free to add this to the OP, BTW.)
Edit: Reupped the pictures on Tinypic.