Fears assuaged, this looks like it will dodge the bullet of 3rd sequel curse.
The only thing I didn't really like from the video was the large, bright blue lock-on icon. It's too big and kind of distracting, it should be more subtle. But that's a minor thing for now.
About estus vs those stones, maybe the game director just meant that those stones of healing behave exactly like the estus (e.g. rechargeable heals instead of consumables)?
It's also very clear that his gear is for demo purposes only. The initial Dark Souls gameplay videos were the same, showed a guy with 50 in every stats and wearing full black knight gear parading through an early version of the Duke's Archives, the full game wasn't really like that, and that's fine, cause it still gives us a good idea of what the game will be like. I'm very certain you won't be able to block strong attacks with a torch in the full game, you certainly couldn't with the skull lantern after all.
The Q&A felt horribly staged. Why does the translator have to translate what the game director said but not the question that was asked? No wonder that guy looked bored as fuck.
That, or maybe the game director
understands English but does not feel comfortable speaking it, it's entirely possible. I doubt it's staged, cause the answers felt natural enough, but who cares.
I wish the IGN guy asked about the 3 right-hand weapons. I saw at least two instances where the player had a small sword (or long dagger), then swapped to an axe and then a big sword in the same hand without going into inventory. Was that just for the demo, or can you have 3 weapons now? (Maybe a small weapon like a dagger or mailbreaker, and two bigger "main" ones, or something?)