The two videos below from Capcom Japan are apparently the entire first level of Asura's wrath.
We say apparently, because we flicked through them and had a hard time finding what is a very small amount of actual gameplay. So this is either the most cutscene-heavy first level of any game ever or something's lost in translation.
Either way, it looks cool and has lots of Japanese shouting, which is always good.
Capcom has confirmed that Asura's Wrath will be out on Xbox and PS2 in US on February 21.