I've been doing some digging and I think I've figured out what this is.
Would it be too presumptuous to put my speculation in the OP? It would clearly be labeled as speculation.
It is as follows:
Visceral Los Angeles is no longer part of Visceral: http://www.visceralgames.com/careers
Visceral Los Angeles was made up of the remains of Pandemic, who used to be part of BioWare.
Visceral Los Angeles was working on what used to be Mercs Inc, but the project was later moved to Frostbite 2 and was going to be part of Army of Two 3.
Mercs Inc looked pretty similar (conceptually) to this game teased in the OP: http://www.youtube.com/watch?v=QNwRYU6xrJ8
Okay so this seems to be Command & Conquer. What on earth happened to Visceral Los Angeles?