It may well be genuine, it just seems to lack a certain wow factor in terms of the design. The fact it uses CG as well is surprising, considering that would be a first for Team Ico. Both Ico and Shadow Of The Colossus made a strong statement very early on in their concepts, yet using the in-game engines to prove what could be done with the technology available. The character and creature designs in this also feel very amateurish, as though they have come from deivantart rather than the mind of Ueda - who is a designer first and foremost.
I would be surprised if this footage were actually shown to anyone. Sony has been unbelievably secretive about this project and the only thing anyone knew about it was that one screen that was posted next to the job listing. Which is why I question the legibility of this information that a private screening was held for some of those involved in the industry. The Project "Trico" heading also seems to be a complete fabrication.
When was the game ever known as Trico? Nico I can understand, as the original trailer/tech demo had the title Nico and emblazoned across it. But they seem to have used the logic that Ico = 1 and Trico = 3. But how does Nico fit into that logic? Surely it should have been Twico or Tico?
concepts and tech demos, for comparison. Both of which were made very early on in the development process and look surprisingly polished considering.
This may well be entirely genuine. But it does look and smell terribly fishy.