Ok, so it's hard to really tell the intricacies of the graphics engine, but going by this off-camera footage we're going to assume it's amazing. There looks to be a pretty impressive draw-distance.
The combat, however, looks less exciting. It's hard to tell from four or so seconds of footage, but it appears to be real-time and looks a tad clunky. The enemy however, is amazingly huge.
Get the off-screen footage after the jump. Don't hang about though, we expect Square Enix to pull it any moment.