Very Phantom Hourglass like, but hopefully with new and fresh ideas. The new weapons and skills look like a good start, but Link looks kind of odd in his little conductor's outfit.
New Zelda looks better than my description probably makes it sound. Looks like a fairly traditional Zelda portable game, with puzzle dungeons and Phantom Hourglass-style touch mechanics. The train basically works like the boat in PH, running along the overworld (presumably on a rail defined by players). Enemy control mechanics look pretty nice -- link distracted a big Zora with a controlled shadow guard, then snuck around to hit it from behind.