Baz Lurhman does not "update" this retelling of The Great Gatsby in the way that he updated Romeo + Juliet, but the frenetic trailer indicates to me that it has the potential to be a sickening mess.
The yellow car you see above is a prominent part of the film; I think that, for the period, it drives way, way too fast--more like a Maserati than a vintage 1920s car. This in a detail that throws things off for me, but I'm weird like that.
Why would they cut a trailer full of frenetic energy when the subtlety of the book--the story at the heart of it all--is anything but frenetic? Jay Gatsby's story is about control, and how it slips away. A story paced and delivered with this slipping control would be welcome; anything that makes Perez Hilton can't be all that good.
Of particular concern is the use of the U2 song "Love is Blindness" and whatever other tunes Luhrman has shoehorned into the production. The thing about the 1920s is, the songs of that era were highly appropriate for any retelling of the story; why go with anything else?
You cannot review a film based on the trailer, but you can review the trailer and I think that this one is a turgid mess. It does not make me want to see this film.
Here is the trailer, in HD: