Nice! From reading the scans, it sounds like this is an FPS that controls almost exactly like I hoped a Rev FPS would. I can't wait to see it in action.
I don't think the screens are concept art. There are polygon-saving tricks used that wouldn't be necessary, or bothered with, in a concept render. Look at the bottles in the vending machine, for example. That's a corrugated surface with a clever texture applied. I wouldn't discount the possibility of the screenshots being doctored, but the underlying tech is definitely impressive.
The story sounds interesting, too. I'm not aware of an FPS that takes place in the Japanese underworld (as in Yakuza, not demons). Swords, guns, grenades, pushing over furniture for cover, and online multiplayer!