It's basically a montage of vague Bondy images. It's like a dream sequence.

If, like me, you love James Bond, then this new trailer for Spectre probably has you very excited. You don't need a lot of exposition to pick up on the fact that (SPOILER ALERT) Christoph Waltz is playing Ernst Stavro Blofeld, Bond's nemesis. What's more, he seems to be a version of Blofeld much closer to the one in Ian Fleming's original novels, which is great news for purists. The version in the movies pre-reboot got a little goofy.

He doesn't like being called goofy. (via Wikia)

Sources: James Bond 007