The game is using the Unreal Engine for it's character sprites. Rendered in 3D polygon models but still animate like 2D sprites so it still pretty much looks like Guilty Gear. As of right now, the game is currently in development as an arcade title. Here's to hoping that we get a home console announcement (and an Enligsh release) soon much like Persona 4 Arena.
I didn't really get to play Guilty Gear back in it's hay day but this looks like a good reason to get into the series. Maybe I should look back at some of the older entries whilst I wait for this one. Or maybe I should finally learn how to play Blaz Blue.