From what I remember from reading the book, it is basically a mix of Willy Wonka, The Matrix and World of Warcraft.
In the future, most people live most of their lives in a massive VR program called Oasis, including going to school and doing work. When the creator of the program died, he hid an Easter Egg in the program and whoever finds it will inherit it, but it's been years and no one has come close. Now young whipper snapper, who lives in the stacks (a poor, trailer park area, where the trailers are stacked vertically) is using his massive knowledge of 80's pop culture to try to find the EE, but there is a big corporation, and since it's big, it must be evil, and they will do anything to find it first.
The author crammed a ton of pop culture references in the book, to the point that the story was almost used as an excuse to include them. The trailer shows the Iron Giant and Freddy, but I don't recall either in the book. Hopefully he will leave Atari 2600 Adventure in the movie and not replace it.