Sit down, relax, take a drink and get comfortable. The video above shows the introduction to Final Fantasy Type-0 and runs at nearly 11 minutes (although the credits start to run at a little over 9). I can't tell you exactly what happens, not unless you count the translations I did in my head while watching (I don't speak Japanese, but it didn't stop me), but the graphics are amazing and there's a Chocobo, which is always a nice thing to see.
Previously Final Fantasy XIII Agito, Final Fantasy Type-0 takes place in the same universe as Final Fantasy XIII and tells the tale of a small group fighting against an army of well-trained l'Cie. Influenced in part by the success of Crisis Core, I can't say that this trailer did anything but build up the excitement in my mind.
Especially considering we're still not sure it's ever coming out in the west.