I was thinking at first "what the hell is everyone so worked up about?", as the video rolled and it looked like a standard 3D red &blue (health&mana) hack and slash fest.
As the show progressed tho, there's clearly a big inventory available, looks like a fairly abundant number of spells and/or paths in the magic system, dialogue (while not looking too broad), and some semblance of more than a run-up-and-hack-away type of combat system. Some of the heaviest hitters of RPG-dom that we all know and love dont have much more than that. The art direction, in my opinion is a welcome change from the recent trends in modern game trends (ie brown and grey reality).
I like realism too, but you know like anything, to an extent... give it a rest already.