They haven't realeased anything yet. That is the point. You've watched a video. Of a Beta. Of a game that is still more than a year away. Yet you have just written the game's epitaph, and are burning the developer in effigy.
I take issue with anyone who passes judgement and vehemently defends said judgements based only on assumptions. Especially when you claim to be a fan of something, then proceed to tear apart any attempt to by a developer to deviate from whichever narrow set of preferences you hold to. I have always been this way.
It's funny. Be it any studio, like insomniac or double helix, time and again has shown that a dev's track record does not define the quality of their next game, yet people will always be quick to make that mistake only to be proven wrong. I think, based on our deep understanding of how this industry works, we would know better.
So yes, I strongly suggest you give them a chance before witing them off. If that's too much of a stretch for you, then I don't think the fault lies with 343.
The onus is on them not to fuck up. By all means, if they do, they deserve to be taken to task for it--they don't deserve to shepard this franchise if they don't produce something that delivers in some way to everyone who purports to be a fan of this series. Until then, I suggest watching with an open mind, and make your voice heard if what you play doesn't meet your expectations. That is, after all, the point of releasing a beta a year in advance.