I'm a little surprised people are thinking this is all CGI.
For one, the fur, etc. plus other artifacts look very 'game engine' to me, with artificats, etc. from frame to frame and a resolution that looks great but certainly not CGI smooth. CGI tends to look perfect, no artifacts, unexpected feather ruffles, etc.
Also, the presentation is perfectly in line with their work on ICO and SOTC - looking at those two on PS2 this looks about what I'd expect for PS3 version of something similar. As with those titles this seems to focus on amazing art direction, theme with fairly few complex models on-screen at any one time.
Finally, in ICO and SOTC the games had very nice, well contructed in-engine cut-scenes that looked very much like many of the shots in the trailer, as well as a camera that would (unless you took control) swing to appointed view angles according to where your character was climbing, swimming, etc. again exactly like the trailer.
I mean, to be honest, if they wanted CGI they could have made it look much better. If it is CGI it is clearly aimed to look much closer to the game engine than what they could do simply using CGI to its best potential.
Also, I've never seen anything CGI at all around ICO or SOTC (unless I missed something)
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Watching it a few times, watching the dust clouds, the occasional 'glitch' in some frames, etc. I just find it hard to believe its CGI as I really wouldn't expect to find those 'glitches'.
Try to be reasonable... its easier than you think...
