The firmware is not final as apparently Google Now was not included and the camera functioned at 12MP rather than the 13MP that the camera should work at. There are also new wallpapers available and new applications for pictures and video content on the phone. The Sony Xperia TL is the LTE version of the James Bond phone available from AT&T. That probably explains the AT&T apps seen on the video.
The video shows us that the update is moving forward and while it seems far from complete, it should give Sony Xperia T and TL owners the confidence that Sony will deliver it on time.
source: SonyViet.vn (translated), XperiaBlog via AndroidCentral