No. It's most likely because of:
a) Microsoft killed everyone with the XIII announcement. No need to plunge the dagger further
b) The project is very similar to MAG, and Microsoft pulled it due to something.
It could be both, but I'm going with #2. Microsoft has been working on Project DonnyBrook for about a year now, and I am sure that they want to reveal, and counter something with this.
So either the game pales in comparison to MAG, and they wanted to save face, or the game is better than MAG, but wanted to reveal it later.
Back from the dead, I'm afraid.







