It looks like a mock up in the sense that it seems like an FMV of what the game is supposed to be.

looks really good - very old skool fatal frame or resident evil which the Wii is seriously lacking of for me - I can never get enough horror games.

I can see me playing this with the sound through the stereo in my new 50" in the pitch black at midnight.

yes... yesss.... MOAR!!!!

To answer the question of a mock up I believe that's something that's made on a PC to represent how something should be or should play or look when the final version goes. Meaning its probably not representative of Wii graphics or gameplay yet.

This isn't confirmed so of course I wont' jump to any conclusions but I can always have more survival horrors now can't I.

Um Fatal Frame IV is on the Wii. How is that lacking? There are also quite a few other games like Cursed Mountain that you should look into.

If thats the definition of mock up then... the development of this game ISNT SURE and Hudson can canned this game whenever they pleased just like Project HAMMER? :(

Looks like a great proof of concept. However one would hope the final version will let the tension build for just a little bit longer as the sudden appearance of the ghosts and stuff gets too predictable.

I like it. But doesn't it seems on rails to you?

Thats what tipped me off that it was probably a mock up.  If it isn't on rails, the movements were too smooth for it to be in game.  It looked like a vide using the games engine rather than a clip of someone playing the game.  but a rails point and clck adventure could be ok if it was done well.

Nice it looks like Fatal Frame but without the camera!
But it seems that it holds your hand throughout the game. Where is the combat?

The crazy thing is, it had me with the chills the whole time.
Certainly worth admission for horror fans after we see a review and a release date.