It looks to be IRS with the either traction control or the ABS stuff on the outside instead of inside the pumpkin. Its interesting that they bolted the rear cover to a crossmember, maybe itll take some abuse?

Its really not a bad "family sports car" The interior looks better than a F-body. It definately need some wheels though and it may have true dual exhaust by the looks of it.

TSP already has one and dynoed it and is doing test mods now

http://www.ls1tech.com/forums/showthread.php?t=123608