It’s STALKER Online! (VIDEO)
Not a lot to this video; it’s mostly just a lot of walking around looking at things. One of the commenters wonders if the video guy is high, and I can see where that question is coming from. Still, this does show off the engine, and it does certainly look pretty attractive. See:
The game is in beta in Russia right now, and don’t expect it to ever be released in the US.