On second thought maybe it was a good idea that Microsoft cancelled this. I know one thing for sure, this concept art definitely meant that they were headed in the wrong direction. Maybe games like Kinect Sports is all modern day Rare can handle, most of their decent first person shooter developers left to form Free Radical long ago anyway.
Some may be disappointed by this cancellation, but to me it only leaves Rare one less opportunity to ruin a franchise I once loved. Perfect Dark on the N64 was well ahead of its time in delivering unique weapons, a strong campaign and incredibly robust multiplayer. I'd rather remember it the way it was than have to relive Zero again.
Watch an animation clip from the cancelled title after the break