It doesn't look like total crap any more, but I can't say I'm excited for it. I just don't see anything interesting about the game. Melee looks a lot smoother than before, but I'm sure it'll be really basic with little-to-no depth or complexity. Shooting looks fine, but again, it seems pretty bog standard aside from the slide mechanic. I guess it will all depend on the enemy and level design, variety, pacing, etc. because the mechanics don't look special. Multiplayer looks like a cheap third-person CoD clone that will be dead within a month (being generous).
It might wind up being a good game, but you just can't follow the best action game ever created with this.