I don’t have a lot of time to post at the moment but figured I should get to this now. It’s a video from EAG 2010 of Let’s Go Island by Sega. The framerate of the camera taking this is low which is why there is lag, so that’s not an issue with the game itself; the game looks quite colorful and detailed beyond that.
UPDATE: I have found out that this does in fact use Sega’s RingEdge hardware. Another nail in the coffin for that console rumormill. [Discuss on the forums]