This is a preview of Vanquish, which is shipping in October. The original mastermind behind the Resident Evil series, Shinji Mikami is directing this title.
From the Preview:
"Vanquish keeps it old school, letting you shoot everything down in your path, as more and more enemies both big and small keep revolving into your line of fire. The demo definitely makes you want more, because rather than trying to sell you on some new gimmick, Vanquish focuses on making the action fun and addictive in the tradition of shooter games of the past."