According to the Game's Producer
Virtua Fighter showcased a new prototype of the game and its technology at this year's CES. The short bit of gameplay was a remarkable graphic achievement that also showed the ongoing work for the new Virtua Fighter Project team. According to Riichiro Yamada, a senior game designer for Sega and now part of the VF Project, work was done in a month.
Although the trailer states throughout that it is pre-development concept footage, it does feature all in-engine work. Safe to say animations, UI, and much more will be changed between now and when the game eventually releases which may still be at least two to three years away, given the pre-development description.