It's clearly unique. I like it, but this isn't my perfect way to see pixels receive 3D lighting effects. Give me KOF XII style (where it actually fits the sprites level of detail pretty well) over this.
One of the things I hate most in modern sprite games are the pixels that clearly don't follow a uniform grid, leading to everything looking disjointed. For 3D, this does a good job of diminishing that effect, and some of the stills could look like fancy, ambitious pure spritework, which is nice.
Does this really end up saving any time though? Like... the sprites for the enemiesm backgrounds, and player characters look retro-quality. Couldn't they offer the fully built retro version, and this higher res look, for the same basic resources, at the same time?
If so, I'd love this as an excuse to have 16/ 23 bit quality sprite games made again, alongside a more Minecraft-looking hybrid style for those who hate pure pixelwork. All offered under the same price and package.
While this isn't my favorite style, I do love seeing big Japanese companies begin to embrace the kind of work indies have been making world-round for years. There's a market that would buy a FF7 remake that looks like FFVI, and there's a market for people who want to see HD 32 Bit RPGs. We're getting more games from high class developers that cater to the unique balance of resources, depth, gameplay, characterization, and ingenuity these eras thrived on, and that actually makes me quite happy.