As someone who is a huge fan of the first three Crash Bandicoot titles and who has a Bachelor's Degree in 3D asset/animation creation, I have to say that this does look better than I was thinking it would.
A few things though:
The environment geometry and detail is great, almost perfect even, but it feels like the texture materials could use an extra level or layer of detail/grit to really drive that detailed Crash Bandicoot look.
What I mean by that is it seems like all of the stonework/ruins/foliage/environmental props are missing a level of detail/channel in the material that would add that extra grime/grit/dirt/moss/texture. As it is, a lot of their material work just seems like basic diffuse colors + specular on 3D models. If they add in an extra layer of detail to really drive up the grunge that is present in the original games, it would greatly help to tie everything together.
I'm hoping that since this is the first time they've shown it off and the fact that they didn't show any of 2 and 3 means that the textures and assets are still very much WIP.
I think the Crash model and his animation is mostly excellent, but I feel like his spin animation could use a little more refinement. I also worry about how precise and tight he feels to control as just judging by some of the videos, it looked like some people were having some trouble landing accurate jumps. Some may argue that Crash never controlled very precisely and to those people I say: "You're wrong."
As someone mentioned earlier in the thread, I'm not too big on how the crate signage looks, same with the font used for the UI. I also don't think the boxes break with enough 'oomph', which could really be helped by adding in more bits and pieces breaking away when Crash breaks the crates.
The delay on the wumpa fruit and tokens has already been mentioned, but that's another issue I had as well.
I also wish that Clancy Brown was voicing Cortex, but I'll get over it. Same with Josh Mancell doing the music.
Hopefully they can tighten up some of my few complaints. If they do, this will be an absolute amazing recreation of those original games.
I'm excited!