Damn, this looks amazing! Will probably build a new PC for it next year. The art direction is cool and the world is really unique with awesome monster/enemy designs. The enemies also telegraph attacks properly which is a must in action games and can otherwise ruin the combat experience. The combat has lots of options like basic attacks, special moves like staff extension, steel body, and also has various transformations which are essentially a completely different move-set altogether. I recall saying there will be a large number of these transformations, so I can imagine how much work that will be to design that many move-sets.
Their future video/s should showcase the game's structure. Like do a small story bit, go explore a little, and then some combat.