This trailer shows some environments from Project Copernicus, the MMORPG that 38 Studios was developing before their financial situation drove them out of business (thanks alvador). There are details about this on Mobhunter.com, the blog of Steve Danuser (former Creative Director at 38 Studios), who explains it is an environmental fly-through intended for a milestone presentation that never happened, and goes on to discuss other aspects of the game, such as the plan to make it completely free-to-play. Here's a bit more on what they were working towards:

There’s a lot more I’d like to tell you about the game, such as how our fully planned four-year story arc was driven by player participation. How the theme of choice and consequence permeated our systems, content, and world design. How the choices players made during our chapter-based story arc would cause permanent and lasting changes to each server–changes that could be different from other servers. How expansions to the game world had already been mapped out and were tied into that chapter storyline, so the world would grow in a very organic and logical way rather than feeling like expansions were tacked onto the core game by a new team that was bored with the work that had been done before. How our storyline had a real conclusion–because you can’t tell a great story without an ending.