And here's the gameplay demo they showed right after, capped by Games HQ:

This was capped from GameSpot's livestream of Kojima's GDC press conference. Watch that here or here.

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The trailer was shown to hype the game, of course, but also to hype Kojima Productions' FOX Engine. To show off its potential for realistic visuals, Kojima and his colleagues showed off some images from some items rendered in the engine. These are not photos.

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Photos vs. FOX engine:

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The FOX engine does some nice lighting. Have a look:

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Want to see something really cool?

The 2012 trailer for Metal Gear Solid: Ground Zeroes took place at night.

Today, at GDC, Kojima's crew showed what that trailer looks like if they raise the sun into the sky in the FOX Engine.

Ground_ZEROES_Daytime

The presentation had begun with Kojima showing up wrapped in bandages. That was a reference to both the bandaged protagonist of the Phantom Pain trailer and to the alleged developer of that game, Joakim Mogren of the fictional Moby Dick Studios.

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The Phantom Pain trailer had debuted in December during the Spike Video Game Awards. It never mentioned Metal Gear Solid V, but its logo showed some negative space in the shape of the words Metal Gear Solid V. It was a fake—an obvious one and a fun one, a sly, classic bit of Kojima misdirection.

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Metal Gear Solid: Ground Zeroes had first been shown in September during a 25th Anniversary celebration for the Metal Gear games. Oddly, Kojima then claimed that GZ was a prequel to MGSV. Unless we heard wrong, that's a somewhat less fun bit of misdirection. Regardless, that game was described as a more open-world style of Metal Gear.

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Bonus mystery! Is Kiefer Sutherland doing the voice for Ishmael, the guy who has been watching over Snake while he's been in a coma? Check out this part of a gameplay demo shown at the conference.

Bonus update! Hideo Kojima Tweets:

"Ground Zeroes" is a prologue of "MGSV". 9 years after that event will be "The Phantom Pain". MGSV is constructed w/ prologue and main game "TPP". The game play demo I presented today is the opening of "TPP" which is tutorial that starts from crawling."