One of them went to Montreal to play the game (on an 80 inch screen). He mentions that the game runs on an improved version of the Far Cry 2 engine (dubbed "Dunia"). The version shown in the video is for Xbox 360, though the PC version is said to have nicer visuals, as you'd expect.
Improvements to the game from the previous sequel include more intelligent AI, a fast travel system and the removal of constantly respawning enemies.
Later in the video we meet Dr. Earnhardt, who sends protagonist Jason Brody on a quest for special mushrooms. The mushrooms are poisonous and what follows is a tripped out, explosive fantasy island sequence where you can almost taste the purples. Head on over to VideoGamesZone.de to watch the whole thing.