From what I could pretty much tell, especially by looking at the hooded man walking through town, is that there won't be any in the game. This means no clothes flying through the wind, or beautiful looking capes on fully armored characters.
I'm just a little disappointing in this. Even open world games like Read Dead Redemption and Mafia 2 have great physics like this, and they're console games. While I realize that the game is still a few months away from release, I would assume they have added all the base features into the game at this point if they have decided to release their first real game play trailer.
Thoughts?