http://gematsu.com/2012/07/microsoft-closes-vancouver-studio
Update 7.26 / 12:47 a.m.: According to Superannuation (1, 2, 3), the shooter is a new space shooter IP on the scale of Gears of War and Halo. It dropped the Kinect support “a while back” and was moved to next-gen. Despite the studio’s closure, teh game is still in development.