My main gripe with the video is the voice acting, which is super-awful.
The rest is acceptable for a prototype.
On a positive note, I'm super excited for that "Rapport" system (one of the tiers). I think it hints at deepening the Ryo/Shenhua dynamic of the Guilin chapter of Shenmue II, which was one of the highlights of the entire series IMO.
I also hope we reach the last tiers, and thus having more settings (Bailu Village and Choubu). It's suprising that Bailu Village could be a disposable element of Shenmue III (after being so heavily mentioned at the same Guilin chapter mentioned before).
i think in reality, the "real" goal of this kickstarter is 4mm, but they cut it down to 2 and have a plan on making a neutered version of his vision for the game, in case they don't get to at least 4