This looks mighty fine in my opinion, looks like a cross between Monster Hunter and God Eater (Not that God Eater isn't a Monster Hunter clone, but hey!). If it's in that particular genre and actually has a story, I'm sold.
Now, I don't think it's a PSVita game unless that was a teaser trailer. As beefy as the PSVita is, some of the effects would be pretty hard to achieve on a mobile platform - I'm thinking PS3 although I sincerely hope that I'm wrong as it'd be an awesome thing to have on the go.