Game looks kind of rough. Definitely a big step down from the last game, and I think even compared to the first game running in HD. A lot comes down to the art style, which doesn't seem consistent. Characters especially look like they came out of different games, but also parts of the environment look drastically different with respect to how "cartoony" or "realistic" they look. Technically, there's a ton of pop-in; the grass draw distance is especially distracting, which never bothered me in the first two games.
Otherwise seems like they're making some good changes from X. I'm glad you can control all characters. Still watching the demo, but it seems like equipment is gone? That could be a really good idea; the 'loot-game' aspect of X was out of control. I love the concept for the world, like a combination of Baten Kaitos and Xenoblade. The new Arts system is a good idea I think; there really needed to be some streamlining after the last game. I think the blade system is a great way to bring some diversity to the combat. I'm also glad they toned down the overworld collectables.