I loved X-Com: UFO Defense (Or Enemy Unknown depending on your continent). It's easily one of my favorite games of all time.
THIS looks like a sequel to Destroy All Humans (complete with last-gen graphics) where you're playing a Majestic agent.
If (when) this game bombs, I just hope developers don't assume that it wasn't because the XCom brand was a loser (hell, the XCom brand remains popular DESPITE everything that followed the original game!), but that getting rid of the turn-based, squad-level combat and turning the game into an FPS was so stupid that I felt my IQ drop just from hearing about it.
Mind you, they could still make this work.
For example: Have the base-building, R&D and engineering from the original game. And also have a tactical mode where you deploy your squad, and then choose one squad member to take control of for first-person fighting for a period of time. Followed by a switch back to the tactical mode where you see how the rest of the squad is doing. Wash, rinse repeat.
I never played it, but I believe that the video game adaptation of Space Hulk did this.
I'm not EXPECTING this sort of approach, but it could work.