There's admittedly not too much that can be displayed via a trailer running under a minute long. But the trailer does show off the graphics and some hints of the combat, which looks to be very much a matter of skill. Check out the full trailer just past the break, and keep your eyes open for more information as the game ramps up for more reveals at San Diego Comic-Con.
[Update: George R.R. Martin himself has also posted the video and the original press release. He notes that he'll be at SDCC checking out the game at the Dark Horse booth.]