I have heard that 21 Jump Street is seriously hilarious and great. I will continue taking that on faith because I'm not sure the red band trailer for the film quite... pops. It has some funny stuff - I like when Dave Franco says Channing Tatum looks like a 40 year old man - but it might spend too long setting up the premise to get to the really great jokes. Once that premise is set up the trailer moves along much more briskly. Or maybe Sony is holding back the best stuff for the movie, a decision which I would applaud!
The trailer does make it clear that this film takes place in the actual 21 Jump Street universe, but is sort of a Next Generation type story. It also makes it clear that there is a copious number of 'fucks' in the film.