It looks like everything that 13 year olds think is incredible mashed together into a couple of cutscenes. And yes, I do believe that this game will consist of button mashing gameplay divided between several, wonderful looking cutscenes.
I did notice a couple of seconds of gameplay, so I can't say that the trailer was ALL bad, but the gameplay that I saw looked kinda played out (punch, kick, chainsaw swipe). I know that it was only a couple of seconds, but I would imagine that you'll be seeing it a lot (albeit from different camera angles and with different enemy skins). In fact, I can almost bet that this game will have more cleavage and panty shots than overall variety.
This looks like one of those games that will get all of the hype without delivering anything new. And it will probably get praised beyond all belief for it.