Was the 14 minute video containing consol or PC footage? I don't want to be mislead and get it on 360, only to find out the frame rate is garbage.
How did Revelations and AC3 run on the 360?
My guess is that's how Black Flag is gonna run on it. Ubisoft milks this series annually and don't really bother anymore to update their technology, so that's good for you, but the 360 is old as hell and most if not all new AAA games run like dirt on it, so that's bad for you.
I think all the footage they've shown has had PlayStation button prompts, which means it's probably running on PS4.
I think this is right. Looks better than PS3 footage and runs way smoother.
It's also possible it's running on a PC with PS3 controller prompts. Generally these games are developed with console UI elements first, even though the entire dev team is working on PCs.
Although, by this point in the process, if the game is going to launch alongside the PS4 in a few months, I wouldn't be surprised if they're already most of the way to a release candidate on all platforms and it's fully playable on PS4.