The game is a futuristic space combat game, a la Jumpgate, in design. By the look of the trailer, there's going to be dogfights, explosions, pretty planets, huge ships, and pretty much everything else you could expect. The game world has also been penned by Michael Marrak, a German science-fiction author, so we can also expect a full plotline and deep world. If the text in the trailer is to be believed, it looks like all of life might be nearing a universal apocalypse?
More importantly, Reakktor has also opened the registration for the Black Prophecy closed beta on their website, so if you're interested in flying around and blowing stuff up, you might want to stop over and drop your name in the hat. There's currently no word as to when the closed beta will start up, but we'll keep our ears to the ground for you and will post up the information as we receive it.
But while you're drooling, waiting for the beta, you can also look at the trailer on the Black Prophecy website, plus a couple of screenshots, to keep you guessing until the game falls into your hands. Or, maybe go check out Reakktor's other work, Neocron 2, perhaps?