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For your viewing pleasure, here is the Mafia II trailer that debuted last night during the Spike Video Game Awards.
It's crazy how far graphics and game technology have come for storytelling. What you see above is powered entirely by 2K Czech's engine, which lets them tell this 1950s Hollywood movie-ish mobster world story in style. Graphics aren't everything, but I don't think you'll find much to complain about as far as Mafia II's visuals go.
Along with this trailer, 2K tells us that Mafia II is on track for a simultaneous release for the Xbox 360, PS3, and Windows PC in fall 2009.
I downloaded this and have it on my hard drive off of 360 marketplace months and months ago.