The inspirations for Fossil Echo include not just Ico, but also Shadow of the Colossus, the Oddworld series and Studio Ghibli's work. With influences like that, really, the beauty is pretty much a given.
The game is an indie platformer for PC, slated to come out in 2015. It's being worked on by two guys from France, with a third from the US providing the music. It's about a boy trying to climb a tower, which sounds fairly standard, but look at those visuals:
The story is partly told through flashbacks, hence the wide variety of locales in the trailer. Connecting everything together is a hand-animated adventure-platformer with stealth-based gameplay and absolutely no dialogue. The trailer itself is captivating, so I'd imagine the game will be great at establishing its own atmosphere (much like, well, Ico and Shadow of the Colossus were.)