It's a completely different game, made with Super Metroid engine (and some new graphics it seems) and on the project page it says the trailer is now outdated, but he wants to keep it in secret (you know, Nintendo's Piranha Plants over the web xD).

The Metroid 2 remake project is a completely different one (Project AM2R, if my memory doesn't fail).

Anyways, I highly expect both.

Specially after my last week's Metroid frenzy.