The game, which was to be set during the Vietnam war, had around 6 months of work put into it before it was shelved in favour of working on Modern Warfare 3. I personally wish that this 3rd person take on the franchise was seen through to the end. It would definitely make a very interesting breath of fresh air, even if nothing else.
I am sure that Sledgehammer's decision to shelve the project in favour of working on MW3 involved some complicated maths such as:
More Money > Less Money.
I don't really mean that as an insult though, just a slight jab. They are a company and they want to make money. Activision approached them with the chance of making a boatload of it and they said yes. Who can say that they wouldn't do the same, honestly?
The one thing that this does tell me is: If there is any chance that the COD series could bring something new to the table instead of re-hashing the old shit year after year, it is this. Well, this and Kevin Spacey. He is just dreamy.
Sledgehammer said that the cancelled project would focus in underground tunnels that spanned Laos and Cambodia throughout the war. I can see this Dead Space vibe coming through for sure. A third person game in a first person space. Trip-mines and bayonets. I really want this game now.