I saw it this morning, not quite sure if there's a post about it yet. It was from some promotional DVD found in US shops (and was the E3 demo apparently), took at least a week for someone to finally rip the video from it. It's fully legal as I am aware of btw, since it was a free disc.
Watch it, graphics and gameplay are SO impressive! Even without the graphics the sheer depth they go into is amazing. You get commentary from a guy (I think the lead developer or someone) who explains some really cool stuff.
Prepare to LOL at the end too, lol the bit where you get the woman and the dog, I was crying with laughter.
http://www.xboxyde.com/news_2060_en.html
For all those people who go 'ohmigod its leik firts person view, therefore its poo', it clearly shows that you can change within the two as you wish.
Games to get at Xbox 360 release:
Gears of War
Project Gotham Racing 3
Perfect Dark Zero
[new addition] Elder Scrolls Oblivion
BTW: This video is 5 months old, but many people havent seen it.