I don't know why people aren't commenting on the new footage yet, it looks great and seems to be coming together really nicely. It appears like we haven't lost much quality if any at all since those early "gameplay" footages. The lighting, textures and shadows seem to be in good order, and the game looks like it plays well without any hitches.
One thing I am a little disappointed with is the OctoCamo. Remember back in 05 they were making such a big deal out of it, saying it was one of the things that made the game unique on PS3 and isn't achievable elsewhere? The suit was supposed to mimic the exact texture that snake stood on (or leaned, layed, what have you) and we were (at least I was) lead to believe that it would be dynamic... kinda like a chameleon. In the new footage you can obviously see that the OctoCamo really just works like the previous camo suits... it changes the skin on snake's suit based on the texture he's on, but the texture is static. The only difference here (compared to mgs3) is that you don't go into your inventory menu to switch... it switches itself when you stick onto a surface. It's really obvious near the beginning when snake goes up the stairs , clings to the wall... then demonstrates the OctoCamo on the floor. Since the floor texture is arranged lines in repeating squares... You can clearly see snake's OctoCamo doesn't match the pattern he was on at that moment. It merely just changed snake's suit to the same texture "type" as the surface he was on. I was expecting so much more.
Everything else looks great and is everything I was expecting from a next gen MGS game. Again, kojima's meticulous attention to detail is what makes the series such a gem. I hope they improve upon the OctoCamo... otherwise it's more of a story element (technological advancement "in the game" by Otacon) and not really a real life technical advancement it was lauded to be back in E305.
Still... I can't wait to play this game.