Totally with you. This looks crap. Pretty disappointed to discover that this is the best they could come up with. The setting really got me hyped, and it looks stunning visually, but the gameplay looks awful.
Though to be honest, even if it nails the gameplay a la Gears of War, I'm still disappointed it's another third person cover shooter with CQC QTEs. *sigh* Is that all they can come up with these days? It seems as though all of the effort went into coming up with a cool premise and setting, and then they decided to shoehorn it into a third person cover shooter.
edit: I don't want to seem totally down on this (or the industry at large) after one video, but aren't you guys sick of playing the same game over and over again? Sure, the scenery is different, but essentially you're hiding behind waist-level walls, peeking out, shooting, waiting for your health to regenerate, QTE fight, bit of cinematic action, move onto the next area full of waist-level walls. It's the same game again.