The trailer shows Snake engaging in combat with Gekko, FROGS, those multiple-armed probe things, Metal Gear RAY, Raging Raven, Laughing Octopus and Crying Wolf. The manner of gameplay seems to be similar to a standard arcade shooter, with Snake taking position at the bottom of the screen and the player shooting at enemies from a static perspective. There also seemed to be some other types of gameplay, such as a hand-to-hand fight with Liquid Ocelot. The graphics seem to be fairly impressive for the iPhone as well, although the not-so-smooth frame-rate may suggest that sprites may be in use instead of 3D models.
You can find the trailer by following this link.

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