From what I remember...
This was once the famous "Enjoy April Fools" game that made an apperance in videos years back. And it was orginally a joke. Nothing more.
But from what I heard from someone on IRC.
The good news: This is no longer a fake game, but an actual game that is in production! So we will finally get to see our Valkyrie Profile Touhou parody. And from the looks of this it's shaping up to be REALLLY GOOD!
The if I'm looking at it right they going to have a demo or something on the day of Reitaisai. (May 27)
You did well for finding this, cause I have long wished for this game become to become real and now it will!