Also known as "Super Sonic Galaxy" due to the similar level design, from the looks of it, it's quite probably the most brilliant thing Sega has done to the Sonic franchise. I loved Super Mario Galaxy (I finished it 6 times already, and I'm doing my 7th playthrough on emulator) and quite frankly, I always wanted to see a game get inspired by it, because it's got such great ideas that it would be a travesty to use them for only one game.
If the first trailer didn't convince you, I suggest you check out
IGN's Gameplay Video.