As far as I know, the team was bought / hired / contracted by a company for "casual" games, worked on a project for them and then disappeared.
Basically ELE caught the attention because of very good custom media and the fact that they had segment shaders when everyone else was frustrated and angry about our own futile tries to get them working. If you remember, I got them to work, but only in single rooms / areas, and with sometimes distorted angles.
Now, quite some time later, I`m pretty sure they showed us only the parts that loked awesome, but I doubt they had really a at least 80% functioning game.
Quote: "Are you guys talking about a specific game or the WIP board in general?"
Hehe, good point. Although I always try to release at least one level of any Idea I present in the WIP, I know remember having made a vaporware, too - but that`s quite long ago and it made it at least to some beta testing