From the looks of trailer, it is fully upgraded Kratos from God of War III that is know fighting against mortals for the pleasure of Shao Kahn and himself. At least that would be the only reason I can see him fighting in the tournament as Kratos really doesn't seem to care what happens to his world. I mean he did pretty much destroy it all at the end of the game. But now I am off topic.
While there is no footage of the over the top Fatality stated to be tagged along with him, it does show that everything down to QTE has been preserved for him with the move. Even the subtle slow down when he knocks an enemy into the air is in there. I am a bit curious on the QTE combo and all the ins and outs of that, but I guess we'll have to wait.
Now for all the XBox fans out there, there is still no word on an exclusive for the XBox as of yet. Looks like if there is one, it will be a surprise in the next week or so to push presales, or a DLC later down the line. Just a little weird that there is still nothing in regards to that yet. But we'll see there too.
For now, here are a few more screen shots for all of you out there that don't care about what is going on with the PS3 version of the game.