Dead Phoenix was unveiled as a third-person flight game. You'd take on the role of an angelic, winged man armed with massive guns. The trailer sparked even more salivating. It could be inferred from the trailer that it was an action heavy title. The main character appears to fight along side other troops, destroying hordes of monsters and gigantic bosses (which resemble giant lizards like triceratopses and dragons). The hero's arm also appeared to continually evolve into different forms of an energy cannon (similar to Vash the Stampede) -- eventually transforming the main character into a phoenix.
The only other details were revealed during Capcom's initial presentation. Dead Phoenix took place on a flying island that was constantly evolving and changing. The main goal of this project was to allow you to "freely fly like a bird into a world of epic proportions." Capcom wanted the flying to be so good that you'd actually be able to feel the wind beneath your wings.
With all the hype surrounding Dead Phoenix, it was quite a shock at the 2003 Electronic Entertainment Expo when Inaba's new project didn't make an appearance -- even the elusive Killer 7 was shown in video form. Since the trailer hinted at a few technical problems regarding control and camera and Katou stated that Dead Phoenix was continually changing, it was suspected that Capcom was waiting for a concrete build before showing the title. However, as the summer passed and there was no new news from Capcom, rumors circulated that Dead Phoenix had quietly been cancelled.