UPDATED: Sorry guys! Looks like Bethesda doesn't want people watching the video. Having seen it, I can say that Pete Hines says they'll release the footage in HD at a later date. If that turns out to be true we'll be sure to share it with you!
Just watch, seriously. If you weren't at Quakecon and haven't seen any behind-the-scenes E3 footage of The Elder Scrolls V: Skyrim, then this is nearly all new gameplay to you. Sure, the most recent trailers were cut from this demo, but still, 40 minutes of gameplay - when so little has been shown to the public - is quite the windfall.
The best part of this demo? The crowd at Quakecon yells at Todd Howard to kill everyone in the game. They also rowdily boo the the game running on an Xbox 360.