Well, for an indie group it looks great. Good atmosphere and setting.
I'm no fan of theirs mainly because I'm not really into hack and slash games although I did like Oddyssey to the West ( tho the combat becomes repetitive ).

I think it looks AMAZING, did you watch the dev diary? It's far more telling than the trailer. I am impressed with the visuals so for such an early build and watching a compressed video, did you see the dev diary clips of her walking through the forrest with the trees swaying and debris blowing around? The clip with her in the forrest and the big talking face with the ash and debris coming at her. For 15 ppl it looks visually impressive.

The style and atmosphere look excellent i love the viking aspect. I love the mental illness aspect and how it alters her perception making some viking attackers appear as monstrous opponents and even helping her in some cases and adding interesting layers into combat and allowing you to perform impossible moves or assume multiple identities in flashes/disappear/reappear quickly.

I love that they are tackling such an important issue as well, and working with a charitable group. It sounds like Nariko or Kezia Burrows who voiced Nillin, could be wrong.

Also, i'm glad u aren't writing it off "yet". Phew, writing off games a year b4 they release isn't the smartest idea. I'm assuming ur a PS4 enthusiast, this is almost a spiritual successor to Heavenly Sword which was awesome, Ninja Theory is so talented i'm open to anything they do.

The protagonist looks like an older Kia from Heavenly Sword. Literally the name Hellblade is almost the antithesis of Heavenly Sword - "Hell" and "Heaven", "Blade" and "Sword". Interesting.

I might agree with you about the combat looking off, as the game is still set for a 2016 release

But I dont think you have come across a lot of late PS3 games cause this as much better aliasing, textures and smoother polygons and the concept is definitely more innovative than most games out now