If there are two sure-fire ways to pique the interest of nerds, they are nostalgia and confusion, and this trailer succeeds in both ways. For one thing, it features Dynamation, the Ray Harryhausen signature technique responsible for, among other things, the preposterous live action/animation sequences in Clash of the Titans (and really, who could forget the Kraken?). Dynamation was also, of course, a staple of the camp-tastic 1958 feature The 7th Voyage of Sinbad, and so it's been widely speculated that this trailer is not so much an indication of the film's content as it is a tribute to Harryhousen. Then again, it might not be.
There's also speculation that the entire movie is actually fake, though its IMDb entry and scheduled Saturday release seem to suggest otherwise; on the other hand, the release is limited, so it's somewhat unlikely to be coming to a theater near you. Which is too bad, because the trailer -- in spite of its overt crappiness and almost total lack of prognostication into the film it supposedly represents -- makes it look pretty damn cool.