It's a taste of things to come. At least, what you can see of it in this video of Emirates Team New Zealand lining up against Luna Rossa.
And ETNZ tactician Ray Davies talking about it, and saying little, here (though the footage is excellent):
The America's Cup teams have been in the desisgn phase, and will no doubt stay that way through September. But eventually they will have to race against other boats, which is why you see the teams going head-to-head