The key wouldn't be so much in conventional advertising, so much as getting an internet buzz going.
Get some big name game journalists (IGN, Kotaku, G4, etc...), plus game reps from major news sites/tech blogs, to give the new game a hands on. Some glowing writeups, some trending topics on twitter, excess of "likes" on facebook......
Use all these social networks to their advantage.
The key is knowing the audience they're going for. Virtua Fighter isn't for everybody, so don't market it to everybody. It's the most advanced 3D fighter out there. Work that angle. Go for the core gamer that plays fighting games. Convince them that if they don't have Virtua Fighter, they're behind the times.
Genesis does what Nintendon't and all that.
If that core audience is hooked, word of mouth will get the attention of others.
Hell, look at what Call of Duty's become in a few years (Activision politics aside, the game's a phenomenon). Granted, that's a shooter, wich seems to be to this generation what platformers were to 16 bit, and JRPGs were to 32-bit eras, but still.