It's interesting that MIPS are getting behind this one, I assume they're hoping they can steal some share back from ARM in this space.

However, as it's a marketing video there are approximately 4 seconds of "actual device" footage on there. Here's a video purporting to show 4.0 actually running on the Novo7:

http://www.youtube.com/watch?v=QuYE_u19i44

Looks good, although they don't really do anything apart from navigating around menus.

(Lots of videos show Novo tablets with Android 3.x, which it apparently already shipped with. Which I don't understand at all, did Google provide MIPS/Novo with sources to build Honeycomb for MIPS?)