No, its a telltale sign of a horrid action-rpg if the dev is claiming that all his past successes were crap and that they were made only because of the technological limitations of the time, and that this is his ultimate RPG *BECAUSE* it has live-action TOTALLY IMMERSIVE action combat. It's *the* combat RPG of 2004.
You don't hype a RPG with virtually solely its battle system, which is what being done here, you hype it with the CORE of the gameplay.
Not to say that action-based combat wouldn't be fun in coop, I just don't think I'd pay this title any attention unless it turns to be have really exceptional combat AND really exceptional everything else.