He said that "they are running it from backstage", which doesn't seem to be true. It seems to be a video running on the machine on stage (hence the VLC controls).
Given the rumors that Intel is delaying IvyBridge, it is very possible that they recorded this on a different machine, with a different GPU, and are claiming otherwise. They're not the first, nor the last to do this.
His words are a little hard to understand but he says: "because I am running it from backstage [audience laughter]". This takes it out of the "live demo" category in my mind.
"It's still a DX11 and I wanted all of you to see it because people were critizing us, when are you going to implement" ... OK that sort of sounds like he's claiming that DX11 is part of the product.
"We are delivering it with Ivy Bridge" This is a pretty clear claim about a product... but it's obviously not a shipping product yet.
It should have been clear to everyone in the audience that he was not really demoing the game on stage but that DX11 support is a promised feature of the upcoming Ivy Bridge product.
Given the rumors that Intel is delaying IvyBridge, it is very possible that they recorded this on a different machine, with a different GPU, and are claiming otherwise. They're not the first, nor the last to do this.