It's not a disaster but I am getting a bit worried. Big project, new IP - it can take time. It is frustrating to not see anything after initial trailer, but it was also early trailer - XBOX showing off with stuff it has in works, without any of the projects ready to be shown. Bigger games can take a decent number of years to be completed and there can be changes in direction - it doesn't necessariily mean the game is in development hell.
I am not too worried just yet - it's been known that XBOX got a lot of games to show off, and they focused on the next 12 months, with big releases being Redfall and Starfield. We haven't seen Fable, Avowed nor Hellblade - from Hellblade at least we got gameplay(?) or in-engine footage.
I am disappointed, but didn't give up on the project just yet.