Def getting a Xenogears vibe, especially during the clip where he's walking through the hanger full of mechs. Then his main mech is red. Now, I havently played Xenogears since it came out on the PS1 but wasn't the main characters mech red also? I might have to do some googling. Anyway, Xenogears or Xenoblade, I'll take a sequel of either one and like it lol.
EDIT: Now that I've googled it, the main mech wasn't red. One thing that struck me though is that this game has to be a sequal in someway to Xenogears. I've looked at the box arts and titles of Xenogear, all the Xenosaga's, and Xenoblade and the big red X is only prominent in Xenogears. Xenoblade has a similar X in its box art but it is not red. To use that striking red paintbrushed X in your trailer for this game and to use it as your tentative title really means that that X is meant to stand out. If its to mean something, I believe its to hint at it being somewhat related to Xenogears.