Sadly it’s not BG&E 2, but an HD rerelease of the 2003 original (For Xbox, PS2, GameCube, and PC: Watch the trailer).
It could be in anticipation of a major announcement about the sequel that was originally teased in 2008 and has since been rumored canceled on and off for the past year or two because of a total media blackout. This footage leaked back around E3 2009 and was never shown officially.
“BG&E” is often called a “Zelda clone that is better than Zelda”. I’m sure Zelda fanboys would disagree, but it’s one of the great games that you just shouldn’t miss-out on. Thankfully this already beautiful game is being rereleased in HD for download on Xbox Live and PSN sometime in 2011 so you can check it out if you missed it the first time.
Hopefully a new HD trailer will be out soon, I’ll be sure to post it.