I think it's by the Montreal team which apparently are one of the better Ubisoft dev teams. But yeah I have my doubts too.
I've been following "Kingdom Come: Deliverance" for a while now and I definitely agree that it looks awesome. This clip shows the most recent build with some great gameplay in it.
It's a shame they're only giving a small presentation because this game deserves much more attention.
Even though I do like the authenticity of it, I do hope it will support modding so that we can have a LOTR spin off with orks and balck riders and possibly a more gruesome combat approach.
I remember seeing that deep down clip a little while ago and liking it. However on closer inspection the combat looks a bit simplistic and it's mostly likely not coming to pc.
Anyway a few things to look forward to, yet it still boggles my mind as to why no one is making a severance style game. We have major triple a titles coming out in the very same genre yet no one wants to implement a more robust and rewarding combat system. Maybe in a few years time when everyone is sick of thrust, parry, role and slash (rinse and repeat) in Dark souls 4 there will be an opportunity for a more complicated combat system...