What's clear from the narration is that both the Imperial and Republic fleets are preparing for a major offensive. The footage itself, however, suggests some high-speed dogfighting with the standard Imperial and Republic fighter craft. Will this be a form of space-based PvP? Missions that include free-form flight? Personalized ship exteriors? It's impossible to know just yet, but you can check out the trailer past the cut to form your own opinions on what this means.
[Thanks to Jose for the tip!]