This video, courtesy of Czech developers Warhorse (currently working on a historical RPG), shows some of the game's assets running as an example of "next gen" graphics.
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While they're quick to point out this isn't an actual scene from the game, which is open-world and still without a name, the fact it's sharing assets and an engine (in this case, CryEngine 3) with their project means it must be close.
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The clip was shown off as part of the 2012 Game Developers Session, held over the weekend in Prague.
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Warhorse studios - První ukázka krajiny [Twitter]