Hell yeah, everyone, you HAVE to watch the full trailer, its amazing and I'm very intruiged. Heres a description if you don't want to download the 43MB file like I did.

Don't read if you don't want it spoiled or anything.

We start off with the words "This is not for playing", and a short clip of the lifestream from the end of FFVII. "Two Years later".
Cloud is speeding a long on the motorbike. Did you watch the last trailer? The guy with silver hair, who is not Sephiroth but rather someone supposedly related to him, is shooting spells at Cloud from like 100 meters away, and Cloud is dodging on his bike. An explosion sends the bike with Cloud into the air, and the mystery man catches with a sword swipe. Cut to Cloud walking through Aeris' chruch, stops to zoom in on him in his good graphical ways. Then we go to the fight seen in the first trailer, where Cloud and the mystery man exchange a few blows. Clouds buster sword is so darn wide!

Then we see Cloud surrounded by mirky, baron land, like Midgar but worse. Cloud hits his sword into the ground and says something in Japanese as the camera pans around. Remember, some of the world has apparently gone from this disease thingy.
Now we see the best of all. We see a figure in a wheel chair, concealed under a hood. The mystery man walks in and bows on his knee's before the hooded man. We see the flash back of when Sephiroth sets fire to Clouds home, Nibelheim, but only this time its with the great FMV graphics. Sephiroth looks a little weird, maybe girly but not too bad. Perhaps this confirms that the hooded figure is Seph, or, if not him, Jenova maybe.
End of trailer, coming Summer 2004.

Looks good, shame we have to wait so long, but I'm very interested in certain things. It suprises me actually, FFVII has always been quite meh with me, but I'm excited about this.