Graphics matter--everyone knows that, but what's more important is how fun it is, and I have absolutely no idea how the game will play, nor does pretty much anyone else. I love Nintendo's games, of course, but the only real reason I'm all that excited about this is because Treasure is making it. Even a subpar game like "Stretch Panic," made by a handful of people, was fun and even inventive (graphically, at times, too). I think if Treasure has enough time and freedom, this could turn out to the game that finally puts them in the big-time, although I certainly have my doubts, being a bit of pessimist sometimes. (And Treasure has set a high standard for themselves--Gunstar Heroes, Guardian Heroes, Ikaruga, Bangai-O: this is Elite Company, for sure).
I'm already seeing some Treasure-isms in the apparent full-screen onslaught of enemies, which are taken out by a few swings of a single enemy, etc. I hope Nintendo does their best to steer Treasure in the right direction, but that they also give them creative freedom; it's the little things that Treasure adds in, little twists, that set their games far apart from mainstream fare. It's amazing, really.