Resident Evil Revelations still looks better. Play it if you haven't.
I'd have to disagree with that. Revelations certainly looked nice, but it was piled into cramped corridors with little environmental detail. Anyone can make things look really nice if there isn't a whole lot more going on.
Technically, that is what I'd always expected giving the 3DS's hardware feature set.
This game is using a large amount of effects simultaneously in large open areas with far more entities on screen at once textures with a with far more variability and a much higher fidelity.
This games tech demo dwarfs anything I've seen on the 3DS to date by a large margin. Its yet to be seen if the final product holds up though.
I remember the GOW2 tech demo showcasing a plethora of enemies on screen at once but the final game coudn't pull off a 4th of those number in actual real time combat with other things going on onscreen.
EDIT:
Looking through the video again, I can see why its pulling off so much. Its made in 100% assembly language.
Also they are pulling off 7million polygons per second at 60 FPS. Certainly not GameCube levels (GC pulled of 20million at 60fps) but it is impressive.
I think we may have another Shin'en here.