I didn't really watch the trailer with much attention but supposedly it looks better than MGS4.
http://www.gametrailers.com/player/usermovies/194470.html
Oh yeah it's some PS3 exclusive or something.
EDIT: oops that trailer is in crap quality doodella;
Kotaku says it's not a game:
QuoteThe hard-working gang at Plastic, demoscene creators of the PlayStation 3 semi-interactive demo Linger In Shadows, have released the video they showed at this past weekend's Breakpoint. While not a game, the interactive demo is said by the creators to be released to PS3 owners at some point in the future via the PlayStation Network as an illustration of the machine's technical capabilities.
http://kotaku.com/372172/watch-the-linger-in-shadows-ps3-demo
Hm. I wonder if the engine will be used in any real game.
it wont be better then mgs4