From PSM3:

Source: NeoGAF

*Shrieking like a little girl* Excited. Bout time they showed a new trailer.

same here

but I m doubtfull they will match the E3 2005 trailer

extremely doubtfull

whatever, I hope they will impress the audience.

Image in if they actually manage to reproduce the E305 trailer in real time at 30fps. :O

They're still trying to prove that trailer was real-time? What the hell..

It is about time that we seen something from this game, it is meant to be released in september was it?

Imagine if they manage to pass it >: )

Yes. Oh I can't wait.

Tbh, I don't understand why they would do this. They've said countless times that the initial video was made merely to give an idea of what they were aiming for. It was a target render, nothing more, so I don't see why they would try to prove that it could be done, especially since the game is now heading in a somewhat different direction visually.

They're probably showing a new video of the same basic level from the E305 trailer. After all, the bridge level is an awesome idea. The only difference is that this time it will be the level that will appear in the actually game rather than the original E305 level.

PSM3 probably added in the bit about them "proving" the E305 trailer just to build hype. Guerrilla probably said it will be a level similar in design to that from E305.

See the thing is is this just hype and damage control. They showed impossible footage which was a target render and claimed it was real time. It damaged Sony's image and now they are using this to hype the E3 video as a milestone. Fanboys will say it matches and others will say it is impressive and others till will say it looks colorless brown and grey if the other footage is anything to go by. It is a good way to hype for fans and it is also a good way to say that the game will look better especially for those who think the Cell is the most powerful processor on earth.