The first teaser trailer for the game has also been released along with some of the first details (via BigDownload).
According to BigDownload's recent interview with Atari, producer Michael Fahrny explains how the re-imagined game will tie into the '80's classic.
In the modern version, we've taken the spirit of the original game and re-imagined the Yars' homeplanet as rendered by current gen technology. It is now a third person arcade shooter experience in which Yar flies through visually stunning Miyazaki-inspired landscapes while fighting a wide variety of memorable enemies. Whether hovering close to the ground in jungle-inspired environments, or flying high above futuristic cities, Yar is constantly under attack from her vicious Qotile captors as she attempts to save her people from extinction.
Fahrny was rather tight-lipped when it came to discussing the game's updated arsenal, but confirmed that the "infamous Zorlon Cannon will be making a triumphant return." Yars' Revenge will also feature local co-op play, where one player controls flight and the normal weapons, while the second player takes control of the weapons on Yars' back.
"If you like games like Panzer Dragoon or Star Fox," said Fahrny, "then Yars' Revenge is right up your alley."
I hate the term "Re-Imagined"