Looks awesome. There was a rumour that Nintendo were helping out development on a Sonic game with Sega, and the very Mario Galaxy vibe of the levels makes me think perhaps there's some truth to that. The important thing is that the gameplay looks solid. Sonic looks like he controls well, there are some cool new gameplay ideas (finally we can do wall-running in a Sonic game) and the level design looks reminiscent of Sonic Xtreme... in a good way.
Honestly, based on gameplay alone, this is the most appealing 3D Sonic game I think I've ever seen. Colours and Generations were great games, but you could tell Sega were still struggling a bit here and there with the notion of how to control Sonic in 3D. The gameplay in this looks solid, which is crucial.
Hopefully this is confirmation that Sega have finally put the dark days of Sonic behind them, because this looks absolutely stunning.
EDIT
It kind of looks like Sega are finally backing away from the emphasis on pure speed, and bringing in more of the platforming elements of the early games. I've been replaying the original Sonic games, and one thing that struck me is how much the games don't revolve around speed. Sure, you can run incredibly fast, but unless you're some kind of Jedi, you have to alternate the running with some precision platforming and timed jumping. Looks like Lost Worlds is returning more to that sort of style, which is fantastic.