
Today, the game was officially re-announced as simply "Mortal Kombat." The game will remain polygonal, but will (finally) return to its 2D roots. No more sidestepping away from Scorpion's spear. The release mentions an "all-new graphics engine," which makes it sound like it's more than a repurposing the technology used in 2008's Mortal Kombat vs. DC Universe, which ran on the Unreal Engine.
Here's some video showing the game in action.
Multiplayer tag battles have been included this time around, allowing up to four players to participate in a single match locally or online. The tag concept will also carry over to a single player cooperative mode. A lot of classic characters will return, including...
Someone resembling old, withered, MK1 Shang Tsung appears on a throne in one of the stages, as well. Some classic stages from the series' past will return, including a great-looking version of The Pit 2 and the Dead Pool, both of which first appeared in Mortal Kombat II.

Mortal Kombat is being developed by the newly renamed NetherRealm Studios, which is a snappier moniker than "WB Games Chicago," the name the team took on after the transition away from Midway, was. Despite all of the name changes, this is still the Chicago-based team led by Ed Boon, one of the creators of the series. Here's what he had to say in the game's announcement.
Mortal Kombat is scheduled for release in 2011 on the Xbox 360 and PlayStation 3.“We can’t wait for players to get their hands on Mortal Kombat,” said Ed Boon, Creative Director, NetherRealm Studios. “This game really is a response to what players have been demanding: mature presentation, reinvented 2D fighting mechanic and the best, most gruesome fatalities ever!”