Just because it's interesting, let's look at both trailers: the real trailer for the real movie (above) and the fake trailer its based on (below). The fake trailer, obviously, is the more ridiculous, and consciously so -- the whole point was to satirize action/blaxploitation movie tropes ("mexploitation"?); like Grindhouse, the movie it ran with, it was a postmodern exercise in simultaneous fun-poking and embracing. And it turned out awesome.
Somewhat disappointingly, the real trailer for the real movie plays it straighter: Gone are the washed-out low-budget shots, the weirdly quiet music, the hammy voiceover work that characterize the so-bad-it's-good, replaced by the filtered lighting and frenetic cuts of the trailers of now. But the key elements are still there. Danny Trejo is still being the badass successor to Charles Bronson he was always meant to be, and it, by all rights, still appears to be a ridiculous movie featuring a ridiculous amount of killing and a ridiculous amount of B-list stars (DeNiro excepted, of course). It's an A-budget movie with B-movie ambitions, and even if Rodriguez is dialing it back a bit for the real thing, we're guessing he's got the chops to pull it off.