Blue Chipper
Shapeshifting Humanoid
I have absolutely no doubt whatsoever that this is all a work and is part of the developing storyline. He will definitely be a part of WM30 and while he certainly won't be in the main event, he will still have a key match with someone, likely Triple H. I think this is a combination of storyline, rest, and rehab.
Who knows, maybe they have something Iconic in store for him at Wrestlemania?
If it was an angle, why not put it in on television? I mean, sure, it could be a work, but it really doesn't look that way.