No, it's running on a PS3. You can see the PS3 controls multiple times in the video (1:45, "Press R2 to fire"). About a week ago or something they hired PC developers who are supposed to port the game, so this demo is definitely not running on a PC.
the ps3 has less memory than my phone. just look at the drawdistance and you'll come to acknowledge that there's no way this is running on any current gen console
Well, you will see at 17th of september, that's the release date of the PS3 version.
just to clarify, the memory number of devices is completely irrelevant, it is memory speeds, device architecture and the like which matters. but you are correct in the fact that modern day smartphones can have more powerful cpu then the last gen consoles, all the while consuming only a fraction of their power. that's pretty normal, moore's law etc. and doesn't say much.
im with everyone else on this, its running on a high end rig. gta4 dipped to like 10-15 fps with explosions, and drawdistance was barely acceptable when driving top speed through the city. how can this look so much better and run smooth? i call potat.