A quick breakdown of the combat elements seen in the PSX 2015 trailer.
UI
The UI consists of the command menu on the bottom left. The bottom right has the character name, HP, MP and limit break gauge. There is also another gauge under the character name that the devs are currently calling the ATB gauge. (This name may get changed later).
The ATB gauge doesn’t work like it does in older Final Fantasies, where the gauge constantly fills up and you only take action once it fills completely. The way it works here is that it depletes constantly, and only fills up when you attack. When this gauge fills up completely, it turns red (there might be other triggers for turning red as well), and allows the characters to use special attacks. These special attacks do not consume MP.
Gif below shows the ATB gauge depleting before filling up when Cloud attacks:
Special Attacks:
Once the ATB gauge turns red, special attacks can be used by the character. Some examples can be seen below:
Party:
The party consists of three members, just like the original game. You can switch between party members.
Battles:
Battles are seamless, i.e., no transitions to some combat screen, etc. The combat should mostly flow like Kingdom Hearts fights, but there might be some more elements that add some strategical aspect. The ATB gauge that lets you use special attacks might have more to it. Or there might be another gauge or element that they haven't shared yet.
http://www.neogaf.com/forum/showthread.php?t=1152125&highlight=final+fantasy