Hexus.net grabbed some time with TimeShift recently, which is very close to release on Xbox 360, PS3 and PC.
Not only is the game sooo close to being done, it now sports Havok 4.5 physics which has opened up loads of intuitive gameplay options. Couple that in with the TimeShift ability and you've got a world with which you can interact in a myriad of different ways.
For example, a pipe is balanced in the middle by a chain and would give you access to the level above if you could weight it down at one end… but there are no weights to be had. What you can do is stand on one end to make the other end rise, then run down to the other end. Now rewind time but stay where you are and the pipe will rise, as, back in time, it was pointing up in the air.