Okay, I've downloaded the quicktime trailer and watched it a few times... it's pretty cool
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The characters are relatively high poly, I'd say 20-30 thousand triangles. Simple color textures, with transparency for hair; no mutlitexturing (bump, specular or such) is visible. That's really nothing special or innovative; technically the models aren't really different from, say, the DOA3 characters. The texture art is however very nice, but it looks like 8-bit palettized stuff only.
The lighting model is quite impressive though. The shadows are free of any kind of artifacting. It does seem to be working differently than in Doom though; I mean that they are painted in, rather than 'blocking' light as in Carmack's engine. At least I think so
There are a few other nice things like the rain on the car's window, too, but such things have been done before (like in MGS2).
So technically speaking, it's not that big of a leap except for the lighting, IMHO. But it still looks damn good, and a lot better than most games.