Laz, the creator, says the game is a "tribute", but as fans of the little Cheesehead will instantly recognise, this is no tribute. It's a remake in the vein of Bionic Commando Rearmed, and that is a good, good thing.
Now, bear in mind this is just one guy. Working alone, without the support/blessing of id. So even if it's not shut down by the rightful owners of the IP, it may/will probably never see the light of day in playable form.
But hey, even if it doesn't, be thankful for this awesome art, and for the daydreams it's inspired of what could be.
Below are some early, early clips. They're early! So be kind.