Gameplay I'm not sure about, simply because this vid shows nothing but bog standard third person shooting, and even though I do enjoy a good shooter I can't tell if it's good/bad without feeling the hit feedback, cover system, and controls for myself.
Obviously outstanding visually. The technology is incredibly impressive, but what impresses me more is the art direction, how cohesive and focused it is. Graphical purist probably won't like the abundance of filters, motion blur, and depth of field, but it reminds me a lot of Resident Evil 4 in that the art is working in synchronisation with the rendering engine to ensure it looks as good as it can. The lighting, shadows, colour filtering, and blur all look intended, and it makes the overall visual presentation even more impressive.
Only thing I'd whine about, just being a stickler, is the lack of parallax occlusion mapping or tessellation on the brick walls. Giving them some real geometric depth would be nice. But considering how good the rest of it looks, it's possible they just don't have the headroom to make the calculations and maintain a solid framerate. Or they tried and it looked gross, not working well with their lighting/shadowing engine or something.