Wow, that does look pretty awesome. I can forgive the furries-ness if the gameplay proves to be fun.
It is for the dream build play competition, which means that if it is successful, the team could win up to $40,000 and an Xbox Live publishing contract. There is no release date as of yet as the competition has not concluded yet. Once it does however, there is a good solid chance it will be published, but at the present time there is no word on a proper live release.