I didn't play Red Steel. Early reviews of the title did not bode well for it and, frankly, I was already (foolishly) spending a lot of money on Wii launch day. So, if there's any sort of context required to understand the above video, I don't know what it is.
What I do know is that the game is visually appealing for something which appears on Nintendo's console. This trailer shows off enemies that you'll face in Red Steel 2, with a couple enemy types and some bosses revealed. If the MotionPlus functionality works as advertised, it could be a good bit of fun.
I'm still shrugging, though. I know very little about the world Red Steel takes place in as a series and nothing I've seen here is encouraging me to seek more information. Maybe one of you can tell me what I'm missing out on. Convince me, people!