7780 studios doesn't exist. P.T. stands for "playable teaser".
Kojima has this to say about the new production:
"One thing that you have to keep in mind is that, if a game is too scary, people just won’t play it. If it gets too scary you just keep your eyes shut and soon it will be over. But if it’s a game, people will just stop. So that’s why there’s a limit on how scary you can make a game. But in this case we’re totally ignoring that and, you know what? If you don’t want to keep on playing through the game, so be it. We don’t care. That’s the game we are aiming for."
The main character will be portrayed by actor Norman Reedus, from the show Walking Dead.
Considering that neither Kojima nor Del Toro are known for pulling punches in their works, and that Del Toro is responsible for Pan's Labyrinth, I'll have to agree with a comment from another forum: Whether it's great or a trainwreck, it will be amazing.