I can understand awesome prerendered trailers. Even if they are increasingly boring as they try to emulate video game footage instead of wowing concepts, art directions, or just as a snappy advertisement. They're a good eye catchers and there are good ways to do them. Tropico 5 (buggy and broken as it is) had a good example with one of it's trailers. You clearly knew this was a hilarious advertisement, not representative of the final product. (sorry pretty sure I'm not allowed to link here or I would)
But at a certain point, I do expect to see actual gameplay footage. Tropico 5 I'll use as an example again, did this well. They had a very long gameplay demo video that showed you exactly what you were getting. Fallout did this well, as well. CG announcement, and eventual gameplay footage closer to launch.
What I don't like is how Electronic Arts especially, but others are guilty of this as well, are taking what is perhaps in game engine rendered footage, but never the less not gameplay footage and calling it gameplay footage. All this tells me as a consumer is: DON'T BUY THIS GAME!!! or IT'S A TRAP!.
And when these companies false advertise and they get me, it's Fool me once shame on you, fool me twice shame on me. I don't preorder their products anymore, and they're lucky if I buy them at all, since their competition is more than happy to supply awesome experiences without the deciete and bullshit.
That aside: I don't see what Jim sees. Watch Dogs doesn't look bad, but GTAV on the last generation looked more impressive.