Awesome to see how much everything has improved, literally.
The only thing I'm worried about is that is the exact same trailer as the previous one (the extra scenes were simply edited out of the previous trailer), but with better graphics. So I'm wondering, if the game has advanced so much, how come is it exactly the same trailer?
From my development experience, I've NEVER seen a game have so many sequences that would stay intact over two years after being originally made, too many things change during production. Yet this is a frame-per-frame copy of the original one, with updated graphics, almost as if it was a movie rather than a game production.
So this means that; either they really planned things as far as cutscenes are considered really early on (basically wrote down exactly what would happen in the game, story-boarded everything, etc.), and they are sticking 100% to those as originally planned, which is really something I've never seen before in game development (even past Ico team games changed a lot during the development), and which would imply that the final game is probably identical to whatever it was like two years ago.
Or, the game is still far far away from being completed, and instead of showing the game they just updated the assets and made an update of the original trailer using the same animation and such. Basically, it's not really the game, but an updated "internal trailer", with the newer game assets, just to show something because people have been impatient.
I would bet on the former rather than the later, but seriously, I've never seen a game unchanged to this extent after two years of development, especially considering that the story is usually something that gets finalized very late in development, hence cutscenes are never even started until very far in production (just like in past Ico Team games too).
But it's really not impossible that they would have had a very precise idea as to how the game should unfold story-wise, to the point where they were able to work on the cutscenes very early on without making major changes.
I hope we get some info from Ueda soon now that the game has been unveiled. Please someone interview him!
AND I WANT DIRECT-FEED HD FOOTAGE!!!!
EDIT: BTW it looks to me like the kid and the creature already know each other, he's not running away from it at the beginning, but maybe from something else?