About a minute into the video (via the link) you can see a somewhat snide woman playing a built of Conduit 2 on the 3DS.
It looks great--at the very least on-par with Wii. Also, there's the option of playing with Resident Evil 4-esque over-the-shoulder camera for those who might prefer it. (None of that for me though.)
As a big fan of the first and one who's eagerly anticipating the second, I was very excited to see this.
Nothing's set in stone for the game though. I guess they might be looking into a prequel, but what's on display here is more of a tech-demo. (Although Sega has not confirmed that they'll be the publisher for this one, a representative from High Voltage indicated that they think Sega would be interested again.)
http://www.destructoid.com/interview-er ... 6245.phtml