While this game is cryptic as all hell and we still haven't gleaned that much information on it, I'm ready to jump down this surreal and creepy rabbit hole to try and decipher what kind of journey we'll be going on in the near future. We need to get the detective board going, lads. Throw out your theories and speculations and be prepared for them to get crushed underneath Kojima's craziness.
I'm not gonna go in depth at the moment with screenshot analysis and examinations, but I do have a few things to point out. Though the game seems to be heavily themed around death, one could suspect that the setting is some weird purgatory sort of afterlife, but I don't think this is the case, thanks to good old Del Toro here:
I don't think somebody after death would be wearing a pin with some United States (or Cities, in this case) organization on his jacket. This has to be set in "our" world, it could be in the past or future in some alternate universe, much like MGS. Also, the center of that spiderweb is D.C, so we could be looking at the ruins of that area in the trailer, but we can extrapolate that the source of this weird undead sort of society is centered there.
Pretty much EVERYTHING has some form of umbilical cord on it, from Norman Reedus and the Funky Fetus, to Del Toro and his babby, even the skeleton soldiers are hooked up to them. I can only wonder if this is going to play some part in the gameplay; Mads seems to have a cluster of cords that is hooked to his entire squad of WW2 skellies, but can disconnect them at will. I'm also wondering if he's actually a playable character, or if he's gonna be a straight up villain as he appears with that sinister smirk on his face. If he is playable, there could be some strange form of squad based gameplay where you input orders to your skeletons and then let them run free after you disconnect them.
A lot of clear metaphors to Silent Hills/PT have been made. The baby definitely represents the game that never was, and in both trailers, Reedus and Del Toro carry these babies, with varying levels of distress on their faces, and scars from some unknown wound. What's interesting to me is that Kojima is definitely saying something about how it was really messed up to totally destroy all the hard work he and Del Toro did on Silent Hills, but also the fact that these metaphors seem to be forming up the story too.
Oh yeah, something else that's semi related - just a few hours before this new trailer dropped, I beat MGSV and finally played through the truth ending for it, definitively finishing it before this trailer showed up. I kind of knew about the VGAs, but I wasn't really paying attention to them. I feel almost like I was rewarded for my efforts. But I digress, let me know what you come up with, I'm excited to see all the different theories and how it all actually plays out, because if you don't think that's part of the game too, you're dead wrong.