The day has finally come. More than 3 years after its announcement and like 6 FMV trailer rehashes later, Square Enix has finally shown the press some actual gameplay footage. Not that we get to see it yet, though, but one of the guys at Wired.com was kind enough to report on what it is he saw:
 
Holy cow, they actually showed real gameplay of Final Fantasy Versus XIII! It doesn’t look anywhere close to done, of course. It’s a third-person action game with a free camera — all they showed was a main character running around some unfinished environments with a bare-bones HUD. It’s not enough to determine even what the game’s genre is, to look at this footage — it was literally a video shot off someone’s computer monitor at a development station. In the second scene, the character ran around a field full of crazy dinosaur-lookin’ monsters. Could this be a Monster Hunter-style game? It certainly looks like it from the footage, but who knows? 

Source: http://www.wired.com/gamelife/2009/09/square-enix-theater/
 
Nice to see they're finally making some progress on the game.