This looks really good, love how they recognize and improve upon the stiffness and overall lack of quality in Skyrim's FPP combat. Only a few things I'm not totally sold on. For one, I really can't figure out how splitting the game into Acts to be sold separately helps in any way. Sure, the maps are big and all, but... have they stated what the exact reason(s) is? Feels real odd to me.
Something else is that they stated on Kickstarter that the "main story will always wait for you". In my humble opinion that's one of the fundamental problems with open world stories. Breaks narrative flow, immersion, and all that since a real world moves at its own pace and doesn't revolve around you.
But really, the above don't bother me too much. In the grand scheme of things they really are quite trivial I suppose. So that brings me to my final problem, and that is the... uh, graphics. Yes, the game is incredibly good-looking beyond a shadow of a doubt. I just personally don't like the art style. Or rather the lack of one, since they're going for realism (correct me if I'm wrong). It reminds me too much of Crysis 3 (admittedly for obvious reasons), a game I never deemed beautiful or breath-taking - just technically impressive.
Anyways that graphics niggle is purely personal preference. Everything else looks absolutely brilliant, and I can't wait for the game to hit the Steam store.