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Strange video, but then it's hardly unusual for Sony for release a very cryptic teaser. It could be anything really- Project Morpheus related, a downloadable title or something bigger.

The graphics and the inclusion of "The best kept secret of Playstation" lends a bit more weight to this being a larger title though. So, keeping hype levels down and looking through the attendants at the event, you wonder who could be developing a possible Exploration/RPG game?

SE have already said they're announcing a new RPG in December.  Double Fine have made quite a few adventure games, but this would be on a scale far larger than anything they've created before. Beyond that, most other studios listed are either currently working on projects we know about, or are too small.

That leaves Guerrilla Games, or SSM. Looking at the trailer closely though, the HUD and the visuals in the background of the desert look a little amatuerish and unfinished. It's certainly not the style of trailer you'd expect from those dev houses. 

So...I don't know! It could even be an unlisted third party, or even a new internally created studio. Regardless, I'm intrigued.