Unlike this trailer, I am not sure that I would ever call the character from the Leprechaun movies ‘iconic.’  

Sure, there were there were a few films based him, but he was never in the league of Freddy Krueger, Jason Voorhees or Michael Myers.

Anyway, this version looks a bit more serious (and significantly less campy) than prior entries in the series.  The producers were also wise to realize that this probably wouldn’t do well in theaters, which probably has a little to do with it being direct to video.