Until you get to the Camera Obscura bits in the teaser for the Live Action Fatal Frame trailer, the movie looks nearly identical to your basic Japanese Horror film. Which is exactly what we expect from a movie based on the series to be perfectly honest.
The movie will be an adaptation of a novel based on the Fatal Frame series and is one of the major projects based around the series coming out, including the upcoming Fatal Frame 5, and a manga. The movie story will focused around two teens played by Japanese teen models Nakajo Ayami and Morikawa Aoi as they investigate strange occurrences around their boarding school.
Sadly you shouldn’t expect a North American release, as pointed out by Bloody Disgusting, the movie is a Japan exclusive. This would follow with the missing release of Fatal Frame IV and the Wii remake of Fatal Frame 2: Crimson Butterfly in North America. That being said, there is some hope for fans of the series as a Hollywood movie is rumoured to be in the works yet no word on a studio, director or script writer at the moment. For fans of the Game, Facebook Group Operation Zero have been actively lobbying for Fatal Frame 5 (as well as any missing games from the series) to release outside of Japan.