Not only does that appear to be a stylistic and thematic abortion, I'm doubtful the game could be anywhere as long as the original with graphics like that. Wouldn't be surprised if the game barely makes it out of Midgar.
Square, and the Japanese as a whole it seems, are just so fucking bad at marketing to North America and building hype (In addition to being bad at making games in the last decade). The whole trailer just focuses on lame Midgar combat when that was never what made FF VII special. They didn't even try to
milk people for their feels and nostalgia by offering a glimpse of the greater FF VII world/storyline/atmosphere that brings back so many good memories for people. The atmosphere is just so bad and off and doesn't even come close to capturing the spirit of the game.
Also Barrett is apparently voiced by Glenn Howerton as Roger Murtaugh.