Now that is out of the way, here is the new "trailer." Take a look before we move on here.
So more or less it is a teaser for what looks like a back story reveal that will take place in parts. Most likely leading up to the March release of BioShock Infinite. I'm also guessing that it will be safe to assume that this will be some of the info that will be found throughout the main game play as well as a bit of the story that had to be cut from the main game for time and space. Hopefully it will add to the overall story/lore of the franchise and not just be fluff to promote the game.
We will most likely find out sometime this week, but until then we will have to wait. I hope this isn't the reason they delayed the game though. I'm sure I wouldn't be the only one upset if that were the case.