This is one I'm going to be keeping an eye on. The combat with large creatures, including climbing on them, has the potential to be really cool, especially if paired with good rpg mechanics. And when it comes to story, well, it's a fantasy game and I've learned to over look the horrendous and derivative stories which dominate the market. It does however need a lot of work on the characters (they look like something out of the very earliest 360 games) and the camera angles.
Also, enough with the"I'll pass" comments. You're disregarding a game that won't come out for another six months on the weakness of a single trailer. When it's out and you can actually honestly say that it was bad or not for you, then you can say that; but right now you just look like judgmental dicks.