It looked really cool. The whole psychedelic fire animal thing was a bit strange, but besides The Last of Us, this was probably the best trailer.
That game is for sure Metal Gear Solid 5. Kojima is at it again. For one, if you looked at MB Games Studio it claims that it was founded by Joakim Mogren, with the first name being an anagram for Kojima with m'Orge'n hiden in the last name. And we all know that Kojima was working on the Project Orge, whatever it was.
Plus, the name Metal Gear Solid V fits ontop of the logo for it. Here's a comparison:
And remember when they annouced Metal Gear Solid: Ground Zeroes? The slogan for it?
Two phantoms. The Phantom Pain. Totally makes sense.
That and MB Studios are a brand new company and would have no real reason to appear at the VGAs.