Well, it looks like it is coming along decently. It isn't turn based, so that is a big bummer for me. The plan & go mode might be feasible. There are a few folks from the Silent Storm crew working on this, if I remember correctly, or they are using a modified engine from Silent Storm. This might mean it will be a decent tactical game.
My other big concern is that they won't have any of the personality of the JA series. It's tough to gauge that with a video, but the portraits alone lack the charm of the previous games.
It still isn't coming out until the end of the year or 2012, so we will see.
edit: To answer the original disappointment question, my expectations are already pretty low, so it didn't make them worse or anything.