Q - Did you see any playable builds of the game? How far was the game along before it was canceled?
A - The only playable build of the game was a very basic one and is the one in the video on youtube. Basically the character creeping about and some very basic AI. Most of the gameplay ideas did not get implemented.
Q - What happened to the project and the team?
A - The project got radically changed halfway through development when the company boss saw the then newly released Shenmue and basically decided to copy it. Picassio then turned into a half adventure, half stealth type game but didn't get any further than some character/level designs before getting canned. The company fell into severe financial difficulty and employees (myself included) weren't being paid for months at a time. Subsequently they all left to work elsewhere and Promethean Designs went bust.