The footage began with the words "real or fantasy" set against a black background. The "fantasy" lingers for a few seconds as the scene switches to a bright daytime scene of main character Noctis standing on the side of what looks like a highway, leaning against a gate. As a vehicle approaches from the distance, the Versus logo and various bits of latin text flash on the screen. The vehicle stops, and as Noctis gets in, we see brief flashes to past trailers, including an image of heroine Stella in her formal attire. Noctis crosses his legs (this is important -- see below), and the car speeds off into the distance.
The trailer leaves with the phrases "Work in progress" and "Revelation will come next time."
It's just about a minute in length, but there's a lot to take away from the trailer. The car, for instance, is, I believe, the same car that was shown in the early Versus trailers. The car is also driving down a similar highway as depicted in those trailers. The difference here, in addition to the switch to daytime, is that everything is in realtime -- the car's exterior and interior, the roadside, and of course Noctis himself.
You can tell the footage is realtime because the image quality isn't as clean as CG. Aside from that, though, you might not notice the difference. The modeling detail, animation, and particularly the lighting are all first rate.
I mentioned above that Noctis crossing his legs was important. While watching the trailer, I noticed that the soles of his shoes emitted a red glow. This was easily noticeable, as the camera positioning when Noctis enters the car and crosses his leg had the shoe directly facing the camera.
Notice the red glow from the bottom? The red emitting light is apparently a part of the shoe style.
If you're in the mood, you could probably speculate on how the red glow will fit into the game, either as part of the story (example: the government tracks people by a unique color emitted by their shoes) or as part of the gameplay (example: your shoes emit a unique color depending on the level of your combo attacks).
Or maybe Tetsuya Nomura and clothing designer Roen just decided that having shoes emit a red light would be a cool fashion statement.
The "Revelation will come next time" message at the end of the trailer indicates that we'll soon know so much about Final Fantasy Versus XIII that we'll be able to stop writing about clothing.