I don't know, I can't imagine Blizzard scraping the entire project after switching developers and investing upwards of four years in development. It's possible the game could show up again in some form on next-generation consoles. Blizzard, after all, purchased Swinging Ape Studios, the developer it put on the project after Nihilistic Software was given the boot.
On the other hand, maybe deep down the developers new what they had on their hands. "Crap, we've got Splinter Cell with a coat of StarCraft paint. Ubisoft is our going to sue our trollish behinds into oblivion...no not that oblivion, the other one."