I guess only time will truly tell then. Truth be told, i was intruiged by the little trailer. the graphical style of it was... well, cant quite place my finger on it, it was interesting.
Although wouldn't they have announced it's cancellation? That,and people being the big Alucard lovers they are, would have found it out one way or another.
Actually, another possibility, could be that it was put on the backseat in favor of concentrating on LoS, which could be Castlevania's comeback after not too great console sales. (and [parasitic bomb] like HoD being announced, showing that they primary timeline needs some time to cool off for a bit, while the series goes in a fresh new direction.)