Kotaku has the trailer up that you really, really want to see.
Why should you care, when the previous Mortal Kombat games past 3 have been terrible? Because the new MK is basically a remake of 2 + 3, but with a proper combat system: counters, cross-ups, proper combos beyond the dial-a-combo the series has laboured under. And a brand-new Tag Team mode where each character can be controlled by a player, online and offline. So you can go through the single-player, co-operatively, with two players each controlling a character, swapping between them.
As you can see from the trailer and the animated gif, the graphics have been made to resemble the original digitized-actor look and feel, and the Fatalities aren’t the globs-of-blood cartoony sillyness from the later games.
Mortal Kombat fans, rejoice, for your series has had it’s Street Fighter IV revolution.
Xbox 360 and PlayStation 3 in 2011.