Square Enix unveiled a tech demo made to showcase their next-gen design engine, "Luminous Studio". According to Square-Enix, the entire video is running in "real-time", which is sort of an ambiguous way of saying that the video, which looks like a pre-rendered cutscene, is what a next-gen game made with the engine will look like.
The video, dubbed "Agni's Philosophy", is described as "a Final Fantasy tech demo." Agni, the trailer's leading lady, and her world aren't connected to any official Square-Enix projects.
Neither Microsoft or Sony released any information about their next-generation consoles, codenamed "Durango" and "Orbis" respectively, at E3 this year. Though some projects, like Ubisoft's Watch Dogs have been rumored to be designed for the upcoming consoles, Square Enix is among the first to come out say; this is what the next generation of games may look like.
Of course, that doesn't mean it never will: The first tech demo for Epic Games' Unreal 3 Engine showed the character model of a Brumak from the original Gears of War. In other words, though it may not be anything yet, you never know if this video will become the jumping-off point for a much larger project.