[Update: Those sexy bastards at Rev3 Games uploaded the gameplay demo which you can find below.]
Metal Gear Solid V: The Phantom Pain is an open world sequel for Xbox 360 and PlayStation 3, Hideo Kojima said at a GDC panel. However, the FOX Engine-powered gameplay and trailer shown ran off a PC.
The new trailer, which carried scenes from previous Phantom Pain and Ground Zeroes trailers, showed Snake recovering from a coma. The following gameplay demo shows Snake crawling around, having a hard time navigating a hospital. A man named Ishmael helps Snake escape. The linear scene is only a tutorial for what is a large, free-flowing game, Kojima said.
After the demo, the FOX Engine was shown in detail, showing how simulated things are based on reflection values taken from photographs. It looks amazing. Perhaps too amazing for the announced platforms.