What impresses me the least is the fact that the presentation makes great promises about a lot of great details (though without being too concrete), and some screenshots/movies rather concretely suggest how some mechanics will work and things will look like, but on the other hand it states that no design document exists yet, as this will be created after input from the "developer backers".
The way these "be a developer" spots are marketed is most deceptive too, in my opinion. What you'll get is certainly is not what you think when you read the description.
Somehow, all of that gives me a bit of an impression of vaporware (or even worse, fraud), which is not something I'd expect from someone like Richard Garriott.
Also, some of the details (such as housing limited to a few dozen city spots) appear to be very much oblivious of real world problems that someone like Richard Garriott would obviously be aware of. Did they really say MMO and few dozen in one sentence? You're kidding me.
Having very limited housing is a direct invitation to gold farmers, unless houses are totally useless. If you can only get hold of a handful of these, you can easily sell them for several thousand dollars each. Who wouldn't go for that?
I remember LOTRO had a big deal of trouble with that right after launch, although they tried very hard to make house squatting as hard as possible -- and there were many hundreds of houses, which were pretty useless apart from "prestige" and "decorating fun" and having a chest with a dozen extra storage slots.
Now, in contrast to that, consider few dozen houses that are very useful.
This makes me wonder if it's really Richard Garriott behind that project. It's hard to imagine someone with 3 decades of experience would make such obvious design mistakes. Maybe it's some guys at Portalarium making the game, and RG isn't involved at all (apart from lending his name), or maybe it's some entirely unrelated impersonator, who knows. In any case, it gives me a weird feeling.