Interesting...
Toyota doesn't have something that directly competes with a Jeep GC - and this is probably a stab at that market. The highlander is pretty close functionally, but it lacks the pretense of going offroad. I don't think it means the 4runner is dead. Just that they want a crossover to cover 95% of the complaints I see on this board about the 5th gen. It doesn't drive like a car. It doesn't get good enough mileage. My pants get wet on the sliders. I can't figure out all the offroad buttons and what they do.
To me it looks like a Jeep GC and a Subaru mixed together. From the A-pillar back is very similar to a GC. The hood/grille is very subaru with a bit of Tacoma. It also doesn't look far from production as it's on off the shelf street tires and the body lines look like they could be close to a real vehicle. Lots of little details point that way - like how the rear door windows are split with a track so the rear window can actually roll down. That looks like a production door assembly with a handle shaved moreso than a concept door from scratch.
Since Toyota owns a big share of Subaru I'd hope they steal some tech and put a better AWD system in it. Or even better take the Lexus RWD bias awd system and put that in it. It's the best there is in any vehicle for a RWD bias awd system and they basically just sit on it. It must be really expensive to manufacture. Either way they'll sell a ton of em.
From Car and Driver: Toyota envisions the FT-AC as a gasoline-powered SUV (although a hybrid also is suggested) with all-wheel drive, including four-wheel lock functionality as well as torque vectoring.
And if we're lucky that would also push the 4runner successor further toward the wrangler market.