First of all, it's 2011. I think video games now a days have the capabilty to achieve that kind of gameplay. YES the camera was at a different perspective, but other then that, I think we should be expecting that kind of gameplay now from today's engines.
Second, Todd even says that they have been working on dragons for 2 YEARS. 1 team, dragons, 2 years. Todd also mentions that the dragons came out so well that they got to add in extra stuff for the dragons to do like dive bombing. Honesty when you hear that, these dragons will probably not fall short of epic, in fact probably go beyond that.
Finally, Todd and Pete confirm that everything in the trailer is actual gameplay and I know that they could be exaggerating that a bit, but when they have been working on dragons for 2 years... They probably didn't exaggerate much....Probably the only part that isn't gameplay is when the guy looks up from a kneeling position with a determined face.
SO, that's just my 2 cents there, enjoy. OH and feel free to discuss on this thread on whether or not the dragon combat is gameplay. Thanks
/rant over.