"Wakt Disney" was a very strange man. Anyway, it seems a buttload of the info in the video was made up, but the images themselves are all real.
My original opinion still stands; I think the concept is absurdly misguided and reeks of the same mentality that dominated the 90s "Dark Age" of comics: Add lots of gore and scariness and "mature themes" (read: take old tragic theatre plots, add Disney characters). Of course, as long as Warren Spector has a direct hand in the game, I cannot fully declare it crappy.
And either way, that's all just concept art. I've been formulating in my head this idea of it as a sort of horror/RPG deal, but for all we know it could be a hundred times different than what the art is leading us to believe.