The game's webpage has been updated with new videos of the game.
 
They've got new videos of gameplay features like how you can have your sword smithed so the blade is so wide it takes up the entire screen.  Some basic quest and action videos.  3-D pixel editing videos to make your own character pixel by pixel.
 
Not seen before is a hookshot item used to get across gaps in a very LTTP sort of way.  The game looks like a old school Zelda fan's dream (as in me).
 
Also, they've licensed Spelunker from Spelunker, he's far more well known on Japanese forums than in the West.  Seems a lot of Japanese got Spelunker on NES instead of Super Mario Bros...  Anyways, looks like you'll be able to play as Spelunker, hopefully without dying from falls (if you know what I mean).
 
Anyways I am getting pretty hyped up about the game, it comes out November 5th in Japan and I'm thinking of importing.  Looks like it's heavily action focused, but I do worry about missing out on potentially complicated quests.

Some guy on NeoGAF uploaded the video clips to Youtube, so here they are for ease of viewing.  No music in most of these as the site had background music.
 
Action gameplay, includes hookshot : 

Wow, it looks great. I'd like to see an overhead camera angle, though.

A new video was put up on the official website.  It features 'magic' powers that remind me strongly of the medallions from Link to the Past.
 
There's a freeze power that freezes enemies and you can shatter them.  A quake power that seems to do direct damage.  A reflect power that causes enemy projectiles to bounce off you.  There also seems to be a power that allows you to see secrets.
 
I'd embed the video if it wasn't a large process of ripping the video then putting it on Youtube.

A few things updated on the official site FAQ.  Game is supposed to last 25-30 hours, 45-50 hours on the hardest difficulty & finding all items (I'll believe this when I see it, and be amazed if I see it).  You can exchange pixel art, so if someone makes a playable Link character and uploads it, you should be able to use it.  Looks like only player characters are editable, so no replacing the moblin ripoffs with actual authentic moblins.  Looks like there are 3 playable character classes, but I'm not sure what that effects.  The main knight like character, a prince, and a scholar.  You save your game at inns but you can suspend the game anywhere.  You will gain an additional 4th class, the Spelunker character I pointed out above, when you beat the game.

OH MY GOD JAPANESE!!!

Really nice new trailer for the game!   

well that is a curious looking game