There's not a great deal of information about the title at this point beyond what can be seen in the video. Gameplay consists of flying a course and moving from level to level by successfully bullseyeing rings, stars, and the like. It reminds us of the as yet unreleased (and we do hope it makes it to market in some form or another) Wii Sports: Airplane [video] that has been demoed by Nintendo.
Right now there are 12 levels to the game, though the initial App Store release may feature a different count, and more will come with future updates.
Stay tuned for more details on this promising looking title when they become available and expect a full review when it makes its App Store debut.