Horrible trailer direction (the fading in and out gives me a headache), but an impressive engine. Mostly old footage, though.
Still, the actual visuals presented by their engine seem to be the most technically impressive thing I've seen on 360 yet. Very impressive. Who are these guys, anyway?
They've delayed that announcement, it seems. They were showing it privately at TGS. Methinks they may still be looking for a publisher, although it sounded before like they had one.
Also, I don't think it's confirmed what this is running on, but if they're without publisher, high-end PCs seem likely.