There's a Godzilla cameo in that trailer (and in the game) if you look closely behind his right shoulder at the mountains as he lights his cigarette at the beginning.
It's a great game and really a must-buy if you are on PC. It's supposed to be coming out on consoles eventually. The game is extremely well polished and for the most part feels like a AAA title except for the lack of mulitplayer. But the campaign is something like 12 hours long with pretty good replayability so there's nothing that feels like it's missing. The story is fun but remarkably coherent and well done for a game of that type.
Lo Wang is still a badass and the jokes are generally pretty good too - cheesy but for the most part not head-smackingly so. There are LOTS of secrets to find, lots of money to collect, non-automatically regenerating health, upgrades to the crazy weapons, etc.
And the katana is the single most fun weapon I've used all year, seriously. If you adjust the game settings to allow more complicated sword swings, it will cut in the direction you move your mouse, allowing for really awesome melee combat.
The game fucking rocks, whether you played the original or not.
And it DOES have that Stan Bush song in the game. Winning.
Here's another trailer that kinda shows you what you are getting into.