Thanks to a small conference at SXSW Gaming though, it seems we finally have some footage from the app. Found on Neogaf and corroborated by another Twitter member, the footage shows the capture of a PoKémon in a real location:
Everything's pretty much what I expected from an AR game and it seems to be still quite unpolished. The list of Pokéballs might also be our first look at some in game iAPs as that seems likely to be a way to monetize the game.
Field tests are happening soon and should expand worldwide so we should have more on the game soon.