The game you're seeing is called Resogun. It's an arcade shooter coming out on launch day (November 15) for the PS4. It's not just meant to be a game. It's meant to be a showpiece. The game comes from the Finnish studio Housemarque which previously made Super Stardust HD, a launch day arcade shooter for the PlayStation 3.
Here's what Super Stardust HD squeezed out of the PS3, for comparison:
The games are similar. Both are arcade shooters. Both rack up a points multiplier as you kill more enemies. Both arm you with bombs and a speed boost that makes you invincible while you dash out of trouble. The main gameplay difference is that Resogun also challenges you to rescue little green people, 10 per level, before you reach a boss. You've got a variety of ships, each with a distinct upgradeable shooting pattern.
We'll be reviewing Resogun closer to launch, but for now just look what the PS4 can do.
Tip: Keep an eye out for the sequences in the video where you can see enemies or even your bullets looping around to the back of the level. Terrific!
Tip 2: As you watch, bump up the resolution in the YouTube player to at least 720p. YouTube still denigrates the video quality compared to the original footage, but it still looks pretty good.