What you're looking at is a trailer for Double Dragon 2: Wander of the Dragons, a 3D-ified remake of Double Dragon 2: The Revenge that bears little resemblance to its predecessor thanks to the new visuals, game mechanics and levels.
Visually, the game seems to borrow a few ideas from Street Fighter 4, with a similar color palette and character designs. That would be the fine if the above trailer weren't of such questionable quality. Aren't game trailers supposed to... you know... highlight the good stuff?
Barunson Interactive is developing Wander of the Dragons for a September release on XBLA with a cost of 1200 MS Points, according to Co-Optimus. The game will feature co-op story play, four-player versus and a wave-based survival mode, though online play has yet to be confirmed.