No, it's not Terry Gilliam's Brothers Grimm, sorry, but it is the trailer for Alex Van Warmerdam's Grimm, a black comedy based loosely on the Grimm fairy tales. I really wanted to catch this when it played at the Toronto Film Festival, but I missed it and this trailer makes me want to see it even more. Our lovely web-designer Opus has a review of the film on his site here.
This is a great movie, I'm from the Netherlands and in fact I know the director personally. The comedy in the movie is great because it's so dark, this is also the case with van Warmerdam's other movies. I also know he's busy making a new movie, though frankly I don't know anything about it, I'm it will be a great movie aswell.