From a glance, it looks to be like the Dragon Ball Z: Ultimate Tenkaichi graphics with the older gameplay style of the previous Tenkaichi/Raging Blast games but with the added twist of co-op or team battles with up to eight players. The team battles aren't new since they already did this on the PSP with Dragon Ball Z: Tenkaichi Tag Team.
I guess the Super Butoden-esque gameplay style of Ultimate Tenkaichi didn't sit well with players so Bandai opted to go back to an older system which isn't bad. I'm still hoping we get a successor to Burst Limit with the battle system of Shin Budokai on home consoles. I doubt we'll see it but a guy can dream.
The trailer only shows the Saiyan saga and Frieza saga. I hope they add the Buu saga and hell, even the GT cast. The Buu saga not being included in some of the recent games is just heartbreaking. I do hear that Goku's Super Saiyan God form will be playable.
Dragon Ball Z: Battle of Z will be coming to Xbox 360, PS3 and PS Vita.