I posted a topic about this a while ago, I didn't have that video though, just a link to the site. Supposedly this is coming out for the PC and the 360...not sure how it's going to run on either though. The first time I saw this game was on Attack of the Show a few years ago...It looks about the same. This is a definite buy, at least for me.
Edit: I think the Offset engine looks like it could beat the Crytek(sp) engine.