Monster Hunter Wilds' collab with Final Fantasy 14 looks like a neat way to do some digital cosplay

Capcom and Square Enix announced earlier this year that Monster Hunter Wilds and Final Fantasy 14 would be collaborating with one another, and the first trailer for the former's collab received a proper look in today. It's coming as part of the action game's third title update, so there's more included than just Final Fantasy bits, but that does seem to be the main thing here. So what's included?