I thought their 30-minute E3 presentation showed plenty of depth. Tons of skill choices with many synergies, cool looking stealth attacks, lots of NPCs to talk to, and an interesting sidequest (a father asks you to find his missing daughter, but rather than save a damsel in distress, you find her making an incursion into a bandit stronghold and can choose to join her).
As far as writing, I find the premise somewhat intriguing. Yes, we all know you have been brought back to life, but they went into a little detail about _why_ you were brought back to life. Basically, magic has recently appeared in the world, and there are lots of people that are basically playing with it and seeing what's possible, and you're the result of one of those experiments. They hinted at lots of political overtones that arise from not only this momentous event, but others as well, which you get to explore. When somebody asked over chat if there would be different magic guilds you can join, they said no, specifically because magic was so new and its usage was still very chaotic. I guess I found it interesting that they answered a gameplay question about potential faction play in a way that's consistent with their story and their world.
And yeah, the combat looks fun to me. I especially liked the way that the camera dynamically panned back as fighting broke out, and adjusted itself to give you a clear view of the battlefield and all your opponents. Despite the heavy focus on action, it actually made it look _more_ tactical to my eyes than, say, Divinity II or other 3rd-person RPGs.
I also find the loot system promising. Yes, they are going to have randomly generated prefixes and suffixes along with powerful unique and set items, so they are blatantly stealing from Diablo and its clones, but I find nothing wrong with that.
They really are attempting to make an Elder Scrolls-style game with WAAAY better combat, Diablo-style loot, and a professionally-written fantasy story, all using the resources of a multi-millionaire RPG fan, and so far everything I'm seeing indicates they may actually pull it off.
As I've said before, at the very least, I have to applaud the effort.