Some call it "Team Fortress 2 mode." Others describe it as looking like a sequel to RuneScape. Tweak the video options in The Elder Scrolls V: Skyrim enough, and you end up with the textureless marvel you see above.

I like it a lot, actually. It sort of reminds me of the "Commodore 64" version of Assassin's Creed shown at this year's E3, minus Mr. Caffeine. The village sequence at 1:10 is especially striking.

And since it's a Skyrim video, you can expect to see a bucket being placed over somebody's head at some point. It's basically a requirement now.