I have to admit that that's the first video I've seen of the NGP up close.

It's beautiful!

And whilst we're watching videos, here's Unreal Engine on the NGP: http://www.thesixthaxis.com/2011/01/...-psp2-footage/

Note how much it looks like Fable, and how much better than, say, the PS3 version of Oblivion it appears.