Thanks to some astute Joystiq commenters and a MySpace photo of a newspaper article, it seems we might all breathe a collective sigh of relief. The Twilight MMO isn't an official, confirmed project as of yet.
The current Twilight: The Video Game is being created by Brandon Gardner, a student of game design from Blountstown, Florida. BrainJunk Studios currently consists of a volunteer staff, all working together on the concept of a Twilight game. Currently, Gardner is still studying with Westwood College Online, seeking out a bachelor's degree in game design as he works on his pet project.
So, in conclusion, we're all temporarily spared... at least for the time being.