In a presentation tonight, Sony lifted the curtain and showed the actual game. 1-Up gives their impressions:
"What we like: The presentation and attention to detail are key. The game doesn't look as good as the 2005 trailer, naturally, but it looks close to as good as any other console shooter. We'd say that currently Gears of War tops it, and a few other titles are on the same visual level, but the game looks extremely nice.
What we dislike: There doesn't seem to be much big picture stuff in here we haven't seen yet in other games. This likely has more to do with Sony being very secretive about the features at the moment than a lack of innovation in the game, given its importance to Sony and the company's hints at online features, but at this point it's hard to pick out one or two big things that will help separate the gameplay from what we've seen in other war shooters."