I'll be happy to start looking forward to this game if/when it does start looking like a good game, but I see nothing that leads me to believe it's going to be anything above the quality of Bullet Witch, let alone good action games like NG2 or the upcoming Bayonetta, MadWorld, and I'm even throwing in God of War 3 here.
If I was only going to set expectations based on the final product then I would also be hyped up for Wii Music. It may have looked distinguished mentally-challenged at E3, but it could improve!