If you zoom in on one of the Illuminati chairs it looks like whoever is sitting there has some sort of necklace on. Maybe a variant Black Panther.

I can imagine Superior Iron Man and Ultron as A.I. of the armor.

According to leaks (which this trailer proved right) movie goes something like this (POTENTIAL MASSIVE SPOILERS INCOMING):

The reason why Strange is on "trial" is because he [frick]ed up reality in Infinity War, Thanos was suppoused to win.
Since then, the MCU is trying to fix itself, and this is causing all the multiverse problems we saw in Loki, Wandavision, and NWH.
The "judges" are The Illuminati, and they are formed by Charles Xavier (Patrick Stewart) and Reed Richards (Ioan Gruffudd) from the Fox movies, Tony Stark (Tom Cruise) from a universe where Tony actually managed to create his "armor around the world" and the Avengers kicked Thanos's ass went he came to Earth, and according to one source, Bruce Banner (Eric Bana) from the Ang Lee movie (I think this is BS, because we see only three chairs in the trailer).
The children Wanda hears are the children of her Fox variant, the "twist" in the second act of the movie is the revelation that she used Strange to access that universe, she is the real antagonist of the film, so she goes to the Fox universe and fights the X-Men (the original cast, although no mention of Hugh Jackman), in the process she pretty much "breaks" that universe, and now both the MCU and the Fox universes are [frick]ed up.
Big third act fight with heroes from all the universes (the original X-Men, the 4F from the early '00s movies, Tobey's Spiderman, and some claim Chris Evans's Johnny Storm also appears) fighting an army of demonds unleashed by another variant of Strange.
Wanda realices the mess she caused, and sacrificed herself to merge both universes (only way to save them), so now mutants exists in the MCU, although there is no mention of the same actors playing the "new" variants created in this new universe.

Again, while the trailer proved some of these leaks, and we just saw how accurate the NWH leaks were, take this with a big grain of salt.

Been confirmed who the main villain is and that is Dr. Strange mistakes. Disappointed if it is.

Man, this trailer really cranked it up a notch from an anticipation perspective. Really pumped for this one. Seems like so much going on and so many possibilities, but it really seems like they might have nailed it here. Also, Elizabeth Olsen...such a damn fine looking woman.

It looks pretty good. The one thing bothering me is the heroes from other universes. Not only do I wish they'd start fresh with characters we've seen before from the foxmwn and possibly others, but their mere existence,the fact they've been doing their thing long enough to have formed the Illuminati and not being in contact with anyone from the MCU, immediately puts the MCU at the kiddie table in the hierarchy of the multiverse. Now the MCU characters are running around the multiverse f'ing up things, it's almost like the Illuminati would almost have the right to say "We're better than you, you know it and you're proving it to everyone."