Hmmm, I suppose 10 minutes of cutscene followed by 40 seconds of actually playing does add up to 11 minutes of gameplay for the Metal Gear Solid series.
Also, another MGS with Big Boss as the main protagonist? It's not a bad thing, since he is a magnificent badass, but soon he'll have more leads than Solid Snake.
Does look nice though. Probably one for the next gen though. I don't think the current one can handle that kind of graphical fidelity, unless this footage is just meant to show off what the Fox Engine can potentially do and the final game will be toned back so it can run on PS3, Xbox360 (maybe WiiU?).