I have only played MM1 a few times so am not an expert by a long shot, but I viewed the trailer and it looked like MM1 to me with much better graphics. I don;t know if gameplay was affected or any of the main or sub quests cheanged, but I am convinced that it is (was) MM1.
Unless those folks bought the rights to MM1 from Ubisoft, they might have a lawsuit on their hands.
On the other hand, I did not see any price listed, so it appears that the program might be a free download. If so, Ubi might not be offended since it helps keep interest in the MM RPG's alive.