Though calling it a gameplay trailer is stretching the definition.
Since its announcement, fans have been dying to get a good look at 'Assassin's Creed III' and the newest trailer delivers, at least somewhat.
We get glimpses of what playing the game is going to be like, and so far it looks damn good. The colonial setting appears to work well with the jumping and scaling mechanic, and there's even a shot where our hero runs through a house and dives out the window – pretty slick stuff.
It's being called a gameplay trailer, though not too terribly much of it seems to be actual gameplay. It seems to be primarily in-engine, but that's not quite the same.