The trailer is obviously CG. You can't do light bleeding like that with an engine yet, sorry ;). Which makes the whole "tech demo" concept pretty mute, especially considering Microsoft and Sony would be mad not to pick up the next title in one of the top selling series after Resident Evil 4's performance.
Edit: That is not to say that the trailer is no longer relevant. Given the interviews spreading around it seems to me they didn't seriously begin working on the game until earlier this year.
Edit: That is not to say that the trailer is no longer relevant. Given the interviews spreading around it seems to me they didn't seriously begin working on the game until earlier this year.
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