This is the decidedly 8-bit World 1-1 from Super Mario Bros. rendered using the Unreal Engine, most commonly seen in games like Gears of War.
If it looks a little rough, that's because it was an 8-week project, not a polished game release. You can see more clips at 525Leomas's YouTube page.
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What happens when you mix Super Mario Bros with the Unreal Engine? This. [Reddit]
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