They claim adding the extra 4 cylinders only adds about 9 inches to the depth of the engine, which means hey can fit it in most of the same places an LSx series will fit without too much hassle. That's why no V16, and possibly why it might make more sense than two V-6es, the LSx is a pretty compact engine, which is one of the reasons it makes a good engine for a lot of projects. Plus there's already a ton of performance parts for it that could make it appealing as it would have more reasonable costs.
Two of the engines had single solid cranks done for them and that was a pretty expensive aspect (think they claimed doing this bolt method saved $10k), although I would think they could get it done cheaper but maybe not. Actually if they had someone with good enough skills with some CAD software they could do it up in there and then get someone to make a V-12 block, heads, and everything that would benefit from not being grafted and they could have a fun engine. Yeah it would kinda defeat the take two LSx and get a V12 and V4, but it'd be a lot nicer for a serious project. I think that'd be a great engine for a hot rod.
Would love to hear how it sounds. Unfortunately, especially on the bolted crank one, it probably won't offer up the smoothness you'd expect from a V12
The V-4 would be really interesting too as its got a lot of displacement and a really small packaging size. That'd be fun to stick in a lot of cars or go karts/motorcycles.