"Luftrausers" is a made-up word. Sounds German, but it's not. "Luft" means "air", but "rausers"? It's nonsense. Oh, but Luftrausers does mean one thing: "simple, stylish game about being an ace fighter pilot" coming to PS Vita, PS3, PC, Mac and Linux by mid 2013.
We shot a video of Luftrausers at PAX East. I'm the one playing. It was my first time. I was on a PC and had some struggles keeping my plane aloft. (Arrow keys to fly, X to shoot, your plane drops if you're not holding the up arrow). You'll see I get the hang of it by my third life. The guy talking is Rami Ismail, one of the developers at the excellent indie studio Vlambeer.
To see someone play the game really well, watch this: