We've heard about this mysterious "multiplayer" mode in Red Steel, but it was fraught with mystery and shroud ... till now. IGN has posted the official multiplayer trailer for the game, which you should probably go watch if for nothing else than the entertainment value of the trailer itself. When we play, we're totally ducking behind coffee tables for cover, and then climbing onto the ceiling only to drop down uselessly onto the couch we just left.
In any case, the split-screen looks serviceable enough, though very little swordplay was shown (we assume there will be a swords-only option in the final build). Why couldn't it have been online? Bah. Red Steel 2, we're talking to you.