Before the Gods, before the Titans, there were the Furies. These three deities are the antagonist in Ascension. The story takes place after Kratos sells his soul to Ares. To break the bond with the God of War, Kratos will have to defeat the Furies that hold the contract.
Hopefully the fight against the furies is as intense as the fight with the gods during God of War 3. With what was revealed in this video, the furies seems like regular enemies that Kratos slaughters for fun. It's a prequel yes, but I guess I'm hoping for Santa Monica to top their work in God of War 3, or at least bring the same quality in the fights.
The game is also set 6 months after Kratos murdered his wife and kid, so it will be interesting to see Kratos slowly becoming less human, and more of the Kratos we all know.
God of War: Ascension is scheduled to be released on March 12, 2013 on Playstation 3.