"Hot off the presses from the first day of Microsoft's Xbox Summit in Japan, the company has released a hot new trailer for its Xbox 360 racing-game sequel, Project Gotham Racing 3.

According to Microsoft representatives, this new trailer (download it at the link below) is comprised of completely in-game footage. It also shows off aspects of "Gotham TV," the spectator mode by which Xbox 360 owners can watch others race in PGR3 as if they were watching a NASCAR race on normal television.

While you’re waiting for the 1 minute, 48 second-long video to download, here’s a play-by-play of what it shows: At the 24-second mark, the video shows a high-speed fly-through of Tokyo, one of the environments in PGR3. At the 32-second mark, it shows one of the revamped interior (cockpit) views, this one in a Ferrari. PGR3 allows gamers to play the game from the inside of every car in the game, and the attention to detail inside is literally just as great: each interior is made up of the same number of polygons (about 40,000) as the car’s exterior. At the 45-second mark, you’ll see Gotham TV, in which viewers can select from multiple camera angles. At the 58-second mark, the video shows a Lamborghini Gallardo, the first time a PGR game has included Lamborghinis. And finally, at the 1:10 mark, you’ll get a view of the game’s crowds."