It looks a bit generic and unpolished, but I think a lot of people are overstating exactly how bad it looks. It looks like your middle of the road last gen shooter, which isn't anything to gloat about, but is still a far cry from a low rent PS2 action game. Itagaki aside it's nothing worth getting hyped on, but it might help scratch an itch for action fans when they've exhausted the Platinum stuff, and honestly Wii U needs a better variety of software in genres like this, even if it's not top tier stuff.
Even a middling game can contribute to a better overall ecosystem, and with Itagaki at the helm it's possible it might even have some unforeseen redeeming qualities when all is said and done. Look at the difference between the Hyrule Warriors reveal and the most recent media. It's obviously not Nintendo caliber, but it's come a hell of a long way since the first footage. I have the sense Nintendo pushed for showing Devil's Third in a janky state versus not showing it at all because they need to pull every string possible to promote the Wii U. I'm curious how long the dev team has spent with the platform at this stage. Here's hoping the final result is more polished and appealing.