It looks like it’s going the Street Fighter IV route of cel-shaded, painterly 3D fighters. One can’t tell from the video if it’ll be a full 3D arena or just SF4’s 3D-on-a-2D plane combat.
UPDATE: Capcom sent us a press release stating:
Marvel vs. Capcom 3: Fate of Two Worlds: After a decade of waiting, iconic Marvel and Capcom characters join forces again in a re-envisioned team fighting game for a new generation. Fill the shoes of legendary characters from the most beloved franchises in entertainment as you battle in a comic book brought to life powered by Capcom’s MT Framework. Get set for the ultimate faceoff when Marvel vs. Capcom 3: Fate of Two Worlds hits PlayStation®3 computer entertainment system and the Xbox 360® video game and entertainment system from Microsoft in spring 2011.
So there’s the release date and platforms.
Let us know if you’re excited!