Yes, indie game. Hawken, the multiplayer mech combat game seen in the above screenshot and below video represents nine months work from Los Angeles-based studio Adhesive Games, a studio employing just nine people, but look at it! Absolutely incredible stuff. Thanks to RPS reader Christopher "The World Wide" Webb for sending this in.
That's the Unreal engine you're looking at, by the way. The movement looks a little choppy, but #1: I'd rather have this sort of footage of actual matches than something fake, and #2: with no release date (and no word on pricing) just yet, Adhesive probably have plenty of time to polish their baby*.
The official site also says that the game will have "two unique team game modes, as well as team deathmatch and free-for-all deathmatch". Colour me very curious about those unique modes. If this studios pieces together something suitably epic to go with these visuals, I might just go crazy.
* DISCLAIMER: RPS does not condone the polishing of babies, and consider it a cruel and unusual pastime.