Watch the pitch video above. Really.
Whoa, ok, it does seem to be real. That is incredible.
However, I wonder how diverse the gameplay and content will be with that type of quality? Since it's space, it has an advantage I suppose, but this sort of next-gen game needs to feature seamless space to planet exploration, but it's not possible to create an entire planet with the same quality as the rest of such a game. Atleast not customised content, but he didn't mention anything about procedural generation in the pitch atleast.
I'm not sure if people consider this, but games have already hit a content-cap, basically. Some people might think that a game could feature seamless space to planet exploration, with hundreds of custom-made cities like in GTA 4 and so on.
The biggest game in the history of gaming, or the game with the most amount of content is probably Skyrim (When it comes to 3D content, atleast.)
Games like Fuel, for example, has a 5000+ square miles world, but it was randomly generated by a computer. Same with Daggerfall, or basically any game with a world map that is over 20-25 sq miles (Some MMO's might go up to 50-80 sq miles I guess.). I think procedural generation has a lot of potential, though, but developers need to start working more with it in order to take advantage of its possibilities.
In any case, the game sounds and looks incredible.