http://media.ps3.ign.com/media/748/748475/vids_1.html
Check out the 'Gameplay HD' video. It's much better than the stuff shown to the streaming crowd. This is like the real stuff with quick little loading pauses to prove it, lol.
The guns you hold look a little weird though, but it looks like a depth of field effect as seen when the guy throws a grenade. It's somewhat blurry but when he goes to pull the pin, the blur is gone and the grenade looks crisp and clear. *edit* Oh, you can also see a physics glitch when the player kills the first enemy, his gun floats for a second before falling down.
I haven't seen any of the newer Portal trailers (Half-Life 2 Orange Box), but the original trailer showed a depth of field effect on the portal gun. It had more of a blur though compared to this.
