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:
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?)