I thought it was a great talk. We have all known how long it was under development but to see the stages of development were very interesting especially the story line draft stages.
I'm more disappointed in people complaining about Shenmue III. Sure, there were a lot of expectations but GDC was an outlet to just talk more about the game. I think an announcement as massive as announcing III would be a bad idea. I remain hopeful but we have to be realistic. No one wants to cough up the money to pay for the game that is this old. I can sadly see why people find it a huge risk especially considering the sales of the first two games.
I found it rude to ask outright about the status of III during the QA, Yu looked uncomfortable and it was definitely the elephant in the room. I wish they addressed that this is not about III or the HD remakes at the beginning of the presentation. Just my opinion, but I would feel embarrassed to present all this beta information and character design art and get questions not really related to the game's development.
Why not ask about the transition from Saturn to Dreamcast? I always wanted to see more footage of the Saturn version. Or anything actually related to development? Not freaking Space Harrier. The man came to talk about Shenmue. I found the whole QA out of scope and almost disrespectful at times. It was a wasted opportunity. And shame on the GDC manager for leading people on with that tweet. Yu wants to make it and he would if he could. Someone really needs to step up (SEGA, Sony, etc.), not him.