My first thought at seeing the visuals and movie was Odin Sphere. Then I saw it was by the same people who made it. I found Odin Sphere to be an absolutely breath-takingly beautiful game and was enamored by its complex multi-threaded story. Odin Sphere had some frame-rate issues, but the Wii should be able to handle it (I think) and will be a title that I'm keeping an eye out for.
You are absolutely right, this is being developed by the same brilliant team that gave us Odin Sphere. This game is going to be loaded with Japanese mythology and outrageous swordplay (completely insane air-combos especially), by far the most beautiful 2D game I have ever seen. No worries about the frame-rate, there are a bunch of fairly new videos of this game on IGN and elsewhere, it looks incredible. First day purchase for me for sure.
I have played the import japanese version, and the game is indeed very good. If you liked Odin Sphere on the PS2 (I did), this game is more focused on the action rather than the strategy (you don't get stunned after a few hits like in OS, so it's button-mash friendly)..... the visuals are amazing, and I didn't notice any slowdown, even with lots of sprites onscreen and a lot of action on the backgrounds.... on the other hand, if you didn't like Odin Sphere's gameplay, and you're not very interested in japanese mythology, there is not enough innovation here for you.
This is a day-one purchase for me so I pre-ordered. I have always enjoyed 2D games and it's great to see some developers still pushing the style of game.
This will be the 4th game I buy for my Wii. I got mine on launch day and Nintendo has just failed to have any exciting games until now. I just wish this were on PS3 so it Had trophies and HD graphics. I at least have a Component cable, because this game does look great.