It's basically every XBC game got ahold of those earrings in Dragon Ball Z and fused into one. 

Some new details from the trailer.

- Battle system is closer to 2 and Torna with 7 characters in battles at once.

- The two Nopons are revealed to be party members as well how ever bother are classed as one character in battle, the are also two other characters shown in combat outside of the original 6, if the Nopons and the other two are permanent and not guest characters it takes the total in the party to 9 (10 if you class the Nopons as two who are look like they may be permanent).

- New feature in battle is Interlink which allows two characters from the original 6 to fuse into a Skell like being called Ouroboros.

- Interesting note: Ouroboros was the final boss in Xenogears.

- The original 6 (refer to them as O6) appear as monsters to certain other characters possibly most of them, the Nopons appear as normal and see the O6 normally.

- Following from prior information it does indeed seem like people live on Mechons much like titans in XBC2.

- Classic everybody wants you dead scenario as the party are seen as the anti-christ although given this is a Xeno game things will likely get more complex later on like in all the prior games.

- Party can be customized as in their class can be changed as you progress, they start off with a default class.

- Although not shown it's likely you can switch party members on the fly given combat shows control of different characters.

The release date has been moved up? Was this game developed in another timeline where no supply-chain problems exist?

Well, unless Switch 2 is also coming in July, I think we can rule out this being a game for the successor.

Some extra footage

Xenogears also had Weltall, also known as the slayer of god. 

A bunch of new short gameplay clips: