I don't think that is a real time footage. Clearly looks like a CGI made trailer. Much like the Killzone 2 fiasco that Sony pulled off a few years back. Looks very promising nevertheless. Battling hordes of enemies at once is going to be total chaos. Pray this game really pushes the envelope of graphic bar that has been set by other games out there.
I'm also curious to know what locations would be featured in this game. God of War II had a varied locations & it was presented beautifully. Also the developers added that presenting Gaia & the other titans in such high quality would be a big challenge. I hope it would be twice better than scaling Cronos in the original God of War.
Also Sony claims that this would be the last game in the franchise, which is quite shocking to be honest. Here's the link:
http://www.1up.com/do/newsStory?cId=3171882