Alright! I found it! Here it goes
http://kotaku.com/5240009/first-red-steel-2-trailer
First Red Steel 2 Trailer
As you'll see from the "Destination PlayStation" (ie a retailer-only event) title card, this isn't an official consumer trailer. Doesn't mean you can't watch it, though.
The trailer comes courtesy of MSN Games Brazil, who say they obtained it via a source at Ubisoft. It shows just how different the sequel is to the first game, with post-apocalyptic deserts replacing city streets, and stylish road warriors replacing stereotypical Asian gangsters.
Not sure why this was shown at a PlayStation event, but then, it's far too elaborate to be a fake. Guess Ubisoft were peddling more than PlayStation games at the recent get-together.
As for the clip, it's like stepping back into a time machine, with the clock set to 2006. A time when the Wii was unreleased, there was real potential, there were silly trailers with people acting like it's The Matrix, and there was a Red Steel clip showing graphics the final product will never manage.
Ah, Kotaku... you can always count on it being an ass
