It's likely. The previously announced and teased 4-player co-op title, Overstrike, hasn't made a peep in the last few months. That's peculiar, no? For a triple A title being developed by Insomniac, and with how heavy marketing is in this industry? And especially given that Overstrike is a new IP, therefore more dangerous–so it needs as much help as it can get?
That right there might hold the key, though. During the PAX prime keynote, Insomniac CEO Ted Price spoke of a project called "Fuse." Upon closer examination, many have mused that Fuse looks like Overstrike…only slightly different. Perhaps it could be Overstrike with some tweaking to make it more palatable to the masses? That would explain why the bright, cheerful and funny shooter suddenly seems, uh, browner…or at least the screenshot that's floating around does.
Joystiq reports that Insomniac stated "We're very deliberate in what we're showing right now, and that's why we're just pointing people to the [Fuse] website and saying, 'Hey, this is a process. We're going to share more information with you, stay tuned.'
Seems like a roundabout way of telling us, and one wonders why they can't say it outright, but oh well.
So: no SUPER OFFICIAL confirmation, but Overstrike has likely become Fuse. Just an FYI. It sounds like we'll be able to see more of not-Overstrike soon. Hopefully they didn't get rid of the humor and tone of Overstrike in their rejiggering.