It contains some of the same footage as the debut trailer that leaked out earlier this week, but it contains more footage and highlights some additional mechanics. Looks like the game has a proper day/night cycle:

Yes, I realize that there is already a thread for the first trailer, but I didn't want this to get buried in the sea of replies it already has.

They really need to touch up that framerate, but beyond that it looks cool.

It occured to me that this game is sort of like the opposite of the SMT view of god (and I guess the other 13 games were too).

Although the time limit thing is a huge put off to me, the fact you can finally roam around free in a big city is a huge plus :)

I just realized, maybe they'll make the time limit mechanic work like Majora's Mask. Really hope they don't go the Dead Rising route, but then again I never played enough of that game to really appreciate and get to know the limitations of that game.

All I wanted out of these sequels was more Sazh. Either way I'll play this eventually. Hope it's good!

Why does the framerate look even worse in this trailer?

I really liked 13 and 13-2, but every one of these trailers are just kinda worrying me about the game, I really hope it turns out well.

Lots of new info released on the game. Here
There's a dressphere-like system, multiple continents including a wlderness based one with small villages and an expansive desert. Quests, mark hunting and even a weird Yakuza-like restaraunt system. It also says the build used in the trailers is very early, and contains lots of placeholders, so that might explain the bad framerate.

@Petiew: I just read an article on the game over at Penny Arcade Report, the costume/class change system sounds really interesting. It'll be really interesting to see what a more fleshed-out version of the game looks like when they're ready to show it.

@Hailinel: @Petiew: You guys are bringers of hope! I'm actually pretty hyped up now. Sounds like it could en up fun.

I love that she looks completely fucking ridiculous even next to the other people in the game.

This game is pretty high on my imaginary 'most anticipated' list. Can't wait.