As many may remember, the X-Wing videos games from the Star Wars series were flight simulators released on Windows in 1993-1999. While the last title was X-Wing Alliance, there was never a sequel released for X-Wing vs. TIE Fighter from 1997.
X-Wing vs TIE Fighter focused on multiplayer, allowing eight players to partake in a space battle. The biggest difference between the X-Wing series and the famous Rogue Squadron series is that Rogue Squadron was much more of an arcade-style shooter while X-Wing was a realistic flight sim that takes patience and is less of an immediate satisfaction and more of a game of learned skill.
This trailer really seems more like Rogue Squadron than X-Wing vs. TIE Fighter. It's not entirely surprising it was canceled considering the possible miss-marketing that would have followed. But fans of Rogue Squadron, a game that has equally been collecting dust, may find it enjoyable.