Nice video. Saw a bit of LOD popping here and there, but that's not too unexpected, and it looks better than most games I've seen (the Bethesda games of course having ridiculously bad LOD popping issues).
I can't find any meaningful information about the game, though, besides that it will be an MMO with an unheard-of level of dynamic content. There's only a few pages on their site, most of them are very short, and half of them are in German only. Screenshots page is empty, videos page doesn't even have this video, and their "concept art" looks like a few photographs of German parks run through a Photoshop filter. There's no UI, no combat, no trading, no people of any kind, and the forum TODO list implies that most of the core systems haven't even been started on it. I have absolutely no freaking clue why they think they have an "upcoming" Alpha. They are about two years away from an actual Alpha at an absolute minimum; more if their team is of usual indie-dev size.
Hope they pull things together over the next couple of years. If they start asking for pre-order money before 2014 though, it's probably best to walk the other way.
(I really am very negative on these forums, aren't I? I feel bad. Probably should just go have a beer.)