Is that ingame? Doesn't look like gameplay, kinda reminds me of that Killzone 2 pre-rendered trailer they showed back in the day (but what do I know). Still, Remedy should deliver. I'll hold out for the minuscule possibility of a PC release since it's the only thing that even remotely interests me about the X1.
EDIT: The more I look at it, yea, it's gameplay I'd say. It just seemed unnatural at first, but hopefully it's not a bullshot.