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Have they even announced what platform its coming ?

I think it's multiplatform because they release it to specialist sites for both PS3 and 360.

It is really impressive, but it is an graphics engine, it is not a game.

No it is a game aswell, they are just pimping the engine to other developers by showing how well it runs their game.

...which is of course redundant when we don't know which platform runs this. If this is 360 hardware, then colour me impressed.

How does this demo proove that it's real time in game footage? All I can see is the same footage rendered in different modes (Fully shaded/openGL/wire frame) and then mixed together.
Don't get me wrong I want to believe!

It's a demonstration of the engine, it'd be pretty retarded if they demonstrate their engine with pre rendered stuff. :)

This is probably the most impressive looking next-gen game I've seen so far.