Whether or not it "lives up to expectations" is always an irrelevant concern to me. Everything out there has the potential to be either crap or gold, so I just go in with as minimal expectations that I can so as not to judge it before it releases. That said, I predict it to be a great experience more so than a great game. Don't get me wrong, I really enjoy Shadow of the Colossus, but it's by no means perfect. One does hope that after all these years of work, they've got something pretty well polished, but I'm not going to get ahead of myself and say that it's going to be a masterpiece. I hope it will be, but it may very well not.
That said, I'm glad it's finally coming out, and I'm excited, despite myself.