Here's the official description of the game, straight from Nintendo: "Game Freak, the developer of the Pokemon series, has created a new RPG for Nintendo Switch". The introduction video teases that the village has a secret.
From the footage shown, a character named Nez - or Nezu - appears to have the ability to use ideas and concepts (depicted as a light bulb) in combat. While it is an RPG, that's about the only thing that Town has in common with Game Freak's other main franchise.
Outside the new trailer, not much else is known about Town. Game Freak would then go outside of Nintendo's publishing, working with Sega to release Tembo the Badass Elephant and self-publishing Giga Wrecker on PC.
Game Freak has will release their newly announced RPG in 2019 for Nintendo Switch. The game takes place entirely in the village and it'll be up to you to help the villagers take on various monsters. They've done other games in the meantime, but none has proved anywhere near as popular as the games where you capture adorable innocent creatures and force them to do battle against each other.