EA has put any rumour of Spielberg title, LMNO (pronounced Elemental), being canned to rest by informing Kotaku that the project "continues to develop at EALA with Steven," and that it isn't referred to as LMNO any more.
"The rumor is incorrect. EA remains deeply committed to its collaboration with Steven Spielberg and projects we are developing together. LMNO was a code name for a project in development at EALA. While the project continues to develop at EALA with Steven, we no longer refer to it as LMNO. We have no further details to reveal at this time."