Project Gray Company a Middle-Earth RPG?

While EA has remained tight-lipped about what we can expect from their Project Gray Company RPG, executive producer Steve Gray was spotted showing off a Lord of the Rings title during the recent Hollywood and Games Summit. Does this mean that Project Gray Company will be a next-generation RPG based in Tolkien's Middle-Earth?
In the final discussion, Steve Gray, executive producer of the Lord of the Rings franchise at EA Los Angeles, previewed footage from an upcoming Lord of the Rings-style game. Gray had blacked out portions of his presentation the evening before, when he realized he couldn't reveal certain details of the project.

Among these blacked out subjects was the title of the game, but the design pages featured elements from The Fellowship of the Ring.

Talking on the difficulties of developing for high-definition, next-generation systems, Gray said that the assets were sometimes interchangeable, as they were rendered at similar resolutions, with similar detail.

While he stumbled on his team's ability to live up to Tolkien's compelling storytelling, Gray suggested that their new project was (trying to do so in a less linear way.)

Gray hinted that the new project was a (story construction kit.)