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A relatively recent film that you may recognise from this artwork for the Japanese DVD, and I am sure I've seen the trailer before. The Official Site still exists, and gives an option for the trailer, but it seems to be dead (only tried the QT option).

It's an over the top Samurai gore fest apparently. Coudn't find much about it that's still actually online, so perhaps someone can go hunting for reviews and so on. The film seems to have a sequel coming to DVD in Japan sometime in July.

The synopsis from the MTI Video / Saiko Films (the company releasing it stateside) website says, "Kibakichi is a lone swordsman from Yokai, a land of monsters that once co-existed alongside man. Raised on raw meat rations and with an affinity with the full moon as well as a blistering skill with the sword his Yokai persona is that of a werewolf! In his venture to seek out goodness amongst man he finds himself in a desolate village and in the middle of an age-old battle between good and evil.

Geisha turn into giant carnivorous spiders, samurai change into werewolves, and ghostly monsters and skeletons prey on humans, KIBAKICHI delivers all the grit of a spaghetti western with the violent grace of a samurai flick."