The idea is pretty sweet, but good lord Conker looks like he's been on drugs for years. Are you sure it's young Conker and not a drugged up post Bad Fur Day Conker?
The idea in itself is great and I don't mind they use Conker for this, even if many of us wish for another adult themed like the N64 one was. It is impressive the idea of a game taht works around your environment. It is like a never ending thing. With good perks you can entertain yourself almost anywhere.
Conker's design, yeah, I agree it is not looking his best. I wanted to think it is to emphasise his expressions but those froggy eyes seem weird. I don't think h's modeled after Bubsy, just that they tried to accentuate things just to make it easier for us to tell at a distance what he's doing and how he's feeling.
Good question. As far as I know, nothing has been formally announced. So no idea. Might be just a tech demo, might have been cancelled, might just be postponed till next E3.