It's definitely a new take on the fantasy RPG, and that alone would have me interested.
Now, my personal preference has been a desire to see the fantasy scaled back -- gargantuan swords, ludicrously massive armor, and magic effects so flashy and so common that you just get used to not being able to see your own battlefield, where magic feels like everything BUT magical or special or unique or even interesting, it's been used in the same way in so many games, and where even your bread and butter warrior has so much bling and moves so fast that they can't help but come across as toons, rather than people -- but I don't know that I'd have gone cold turkey. I still like a little bit in the way of escapism/fantasy in my gaming.
[tangent] This would be the perfect sort of game, IMO, to reintroduce the notion that magic is... well... mystical. Unknown. Something to be feared, because its one practitioner happens to be a psycho. And that's something that I think magic as a gaming concept could do with a lot more of. Right now, magic is merely science by another name; no mystery to it at all. But that's just my personal preference.
The scale is what I noticed right off with this video, though. I've been aware of it in every game I've played, but this video highlighted once again just how far out of whack games are when it comes to the size of villages, towns, cities, castles, etc etc., all because they're afraid that players will get bored if they have to walk through a to-scale model of a town. Fears which, I'm afraid, they themselves have fully justified after decades of making game worlds so dense and so convenient that the trade hub of a "realistic" game like -Skyrim- can be crossed in about 12 seconds. The Bioware-style game worlds are so much worse than even that, it makes me cringe to think of a ME3 setting after seeing this video, but those are the environments that we've becomes used to seeing over the last three decades of gaming.
All of those lovely little details which developers like to belittle and dismiss as of no consequence when it comes to "gameplay", or even their much-beloved brand of "storytelling", I see those details in this video. Immersion, in other words, the most effective and most engaging brand of storytelling I can think of, that's what I see here. An engaging story/game/environment doesn't need earth-shattering magic, massive shoulder pads, or a godling/hero protagonist, and I would LOVE to see some game out there prove that.
That's why I'm keeping an eye on this title.