Doubt it's actual gameplay... That being said, I think the actual gameplay will still be very good and should not compared to this video. This was an announcement trailer. It kind of hinted at what we can expect though... Sub Zero grabs a branch and smacks Scorpion in the face, Scorpion goes into an X-Ray with a special, maybe instead of every character having one x-ray, each special has it's own. Again, the video was awesome but let's not expect anything until we see gameplay. If anything, we should at least expect story scenes to be this awesome.
Also, I think the music was perfect. The beat meshed perfectly with the fight and the lyrics were appropriate.