Pretty cool that it's rolling on KO2s. That yields some confidence that it's actually going to be a capable off-road rig, rather than a simple re-use of the branding on a modern soccer mom SUV like other manufacturers are doing (Pathfinder, Blazer, etc.).
It is interesting that they are trying to hide the rear suspension in those shots, but I guess in that industry, they have to hide EVERYTHING to keep the competitors from guessing what they're up to. If I had to guess (and since it's reportedly based largely on the new Ranger design), I'd say it's probably a solid axle with leafs/shocks in the rear, and IFS up front. But it's got a very short wheel base, and you'd think the leaf hangers would be more obvious in some of those side profile shots, so maybe it's some kind of weird 4-link system in the rear.
I'm pretty excited about this rig, but cautiously. I just think it's exciting that someone is throwing another vehicle of this caliber back out in the market. With Nissan discontinuing the Xterra and Toyota doing away with the FJ, it seemed like the industry was shrinking and no one wanted to compete with Jeep. I'm happy to see Ford stepping up to the opportunity.