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"Black Cloth" was the codename for the game during its development at Climax Studios.
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From what my new source has explained, this was made externally by Square Enix's CG department, and may have been the first the world would have seen of the game. "Black Cloth" was the codename for the game during its development at Climax, probably in place until they cemented the final Dead Sun name.
My interpretation of the trailer: its the final right of passage of the Saradin vampire race, the moment where they are either burned to death by water, or master their power and survive as a wraith. The reference to Soul Reaver is very direct.