The video clip is pretty cool. I'd love to see LoG bring the genre back. I honestly didn't play a lot of these games back in the day, I only started playing them after the genre was basically dead. I've played some of the old might and magic games and the EoB games (thanks to that evil yet great dosbox prog). One thing I like aout LoG especially over Eob and other older dungeon crawlers (and pseudo dungeon crawlers) is the simpler character creation (blasphemy to DnD lovers I know).
My worry for this game that they'll put too much emphasis trying to reference old material rather than make something new and unique.
The gameplay looks alright from the short bit you see.
I have my doubts, but it could be a pretty good game as well.
Here's hoping the devs thank Almost Human for rebooting the CRPG market.