I thought whilst what they have shown looks good, it's not the bleeding edge revolutionary Half-Life or VR moment I was expecting from Valve. The only thing from that short trailer that is a step up over VR available right now is moving stuff around on shelves by swiping your hand at the objects. Of course they could be holding stuff back before revealing it.
If you check out 'Blood and Truth' on PSVR you will see there's not much difference in the gameplay from that video. Just replace London with City 17 and East End Gangsters with The Combine.