This is Lili, a gorgeous iOS game designed by some of the folks who worked on the Gears of War series.
I've seen footage from Lili before, but it's hard not to be wowed every time I see this beautiful game. Here's how lead designer Lee Perry describes it:
Ultimately Lili is on the island of Geos to gather flowers with magic properties, and the best flowers on the island happen to grow on the backs of the rather nasty wood Spirits that rule the island. In addition to doing side quests and some mini-games, Lili finds herself leaping on the Spirits and relieving them of their flowers while avoiding the defenses of the Spirits. Aside from that the world is full of exploration, and loads of great NPCs to interact with…. which we hope people agree are pretty inventive.
This is the game running on a new iPad. It'll be out for iOS devices this Friday for $4.99.