Actually it was shown being played at the FanFest and it pretty much looks the same.

Here: http://www.youtube.com/watch?v=rNhPig8inEY
Starts at about 1:06, they play it live on stage.

This will be the factor that makes me buy a console.

When CCP first demo'd EVE Online, other games companies even insisted it had to be pre-rendered and of course they were wrong. I believe this is all in-game footage, they even let some people try the current version of the game out.

It's likely that the events and camera motion in this video are scripted to give a certain feel to the video and they do tend to render trailers at a massive resolution and then scale them down for a sharp-but-antialiased effect. But I would fully expect the graphics to be that good.