I think this is mostly "gameplay", the camera angles and movement seem very on par with the camera angles in conversation for shenmue (even better). Looks like a default quest sequence (talk to little kid, talk to big guy, search house X told you about).
Seems like the fighting is mostly training.
There's a glimpse of a training minigame.
Maybe the part where Shenhua says it's better to think about it, it's an actual choice (YS said something that Shenhua would be the "smart approach" or something like that for the perspective system, but I think it was also hinted at playable ren and shenhua).
Some animations look kinda stiff, but mostly there. The fighting looks smooth AF. Per object motion blur is expensive, but man, it does wonders (not really a fan of the blocking sparkles though).
Some bad AA on the trees on the back (little weird for a UE game).
The hands, oh man, seems like they attached on from another model (very vascular, darker tone, and kinda weirdly placed).
Still, the editing on the videos is kinda... off (the last one was somewhat better in some regards). And the end seems kinda cutoff.
But man, this is Shenmue III.
Hopefully we'll start to see the gameplay shown to people soon.
