The trailer showcases over 12 minutes of CG footage designed to familiarize would-be crusaders with Hellgate's world and their place in it. The short version is that the forces of hell have ransacked the earth. The longer version involves copious amounts of swords, machine guns, curvaceous templars and slavering demons bent on subjugating the local populace.
If you know your gaming history, you'll also know that Hellgate was originally developed by ex-Blizzard staffers before collapsing under the weight of unmet expectations and financial pressures. We'll be keeping a close eye on Hanbitsoft's resurrection project and you can too, starting with the cinematic trailer after the cut.
[Update]: T3Fun and HanbitSoft have officially announced North American closed beta dates for Hellgate, with the kickoff scheduled for June 3rd to June 5th. The game will launch later this year according to a press release.