BWA HA HA HA HA HA! Okay, we all had some laughs. Time to get serious.
Yes, there is actual gameplay footage of Senran Kagura, only it's all hiding. Like all things on the Internet, secrets aren't kept secret for long. Above, you can watch a solid eight minutes of action, which should give you a complete idea of what to expect from this game. I'm surprised by how fast everything moves, especially for 3D brawler. Even with all the cheesecake, it still looks incredibly fun and fluid.
I can finally announce that I'm anticipating this title for a reason other than sheer irony.
Senran Kagura Play Movie [YouTube] (Thanks for finding the vid, DarkSentry!)