A fantasy-themed action RPG from Falcom with a point-and-click interface and an interconnected maze-like world best described as a cross between Diablo and Vagrant Story.
For reasons that defy common sense, Xanadu Next was ported to Nokia's ill-fated N-Gage in the US and EU. The PC version never received a localization, but a couple of years ago an English fan-made patch was released for it which also supposedly added support for HD resolutions.
The load times in the video are a side effect from Fraps. The game doesn't have them otherwise.