This is the "Snowdrop Engine" powering The Division, which spent about three minutes at the Spike VGX boasting of the detail it will deliver to "a chaotic and decayed New York City."
Not much in the way of gameplay, but If volumetric lighting, dynamic particle system and dynamic material shaders make you drool, then you'll want to watch this.
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Go here to see much more about the 2013 Spike VGX, including all the award categories and their nominees.