<insert comment about cutscenes-to-gameplay ratio/how the MGS series is actually a collection of long-ass movies>
Ha ha, I'm witty now. Everyone like me now.
IN ALL SERIOUSNESS yeah I kinda dig this. It's the freakin opening sequence to a game, guys. As far as introductory cutscenes to a game - or an MGS game, for that matter - 9 minutes for an introduction is far from the worst we've had to endure in this series. If I can recall correctly, MGS4 was far more disgustingly bloated than this.
Peace Walker was much more refined, pulling back the lengthy cutscene ratio in favour for clear-cut episodic chapter-style gameplay that worked in the PSP's favor. It looks like Kojima actually might even be pulling in the reins a bit more, imo. The whole "lol cutscenes" joke doesn't really pan out until we actually see something more substantial than this that's indicative of the core game content/structure.
This video doesn't seem to hold the player's hand, either. No outstanding prompting or nothin', and nary a tutorial in sight. In fact, there's a suspicious lack of UI anywhere (ala Dead Space), especially in comparison to the previous Metal Gear games, just really small popups that act as an actual in-game interface (Big Boss' map/soliton radar?)
Looks like a direct sequel to Peace Walker, the kid looks like Chico (compare with pre-render Peace Walker art), and the big bad seems to refer to Paz (as Chico had that crush on her and probably made that request to make her "suffer as little as possible"), meaning she's probably dead. But whatever, speculation is speculative.
EDIT: Also, natster's link is a much better video. The demo shown at the 25th Metal Gear Anniversary actually ran out of time, so to speak. /cutscene joke