I am somewhat nonplussed about this. Polygonal 2D games kinda just never look too good, and this doesn't appear to be an exception.
Conceptually it seems fine, but I really have no faith in Mercury Steam, particularly having tried their really bad 2.5D Castlevania game. Granted, I haven't played Samus Returns, but it seemed like a very unappealing update. Why, oh why, would you emphasize the melee garbage from Other M? And that gameplay plank is being brought forward into Dread.
On the positive side, from what I've scoped, this project is based on a Nintendo-internal design approach they couldn't nail previously, and that there's more internal Nintendo involvement on this title than there was on Samus Returns. So maybe they'll be able to give Mercury Steam the Retro treatment. But I'm not getting my hopes up.