I played the first game but I never finished it. I rather liked it. Its lower budget shows here and there, but that didn't bother me. I'm happy they sorted out the mess with the publisher and are in control of their IP.
As for the trailer, not much to say bout it. If it's really in-engine footage, then the step up is considerable. But that is just a buzzword that doesn't mean much these days. It's a really dark trailer (in terms of illumination, not just the theme) so it doesn't look too good on YouTube. I can't say I'm interested in this since I never finished the first game. Will have to do that and see if it falls apart after an enjoyable first third I did play through. If it ends up being a good game until the end, the sequel is more than welcome in my book.