Granted this is a very early alpha video. So I dont want to be too hasty to judge, but based on the video:
The good is that the landscapes look very Tribes like. Im sure its on a variant of Torque so the maps shouldn't have any hard boundaries lots of hilly landscapes and netcode should be excellent (although Im not so sure about this browser thingy). Jetting is there. Thats the Good.
The bad, well the jetting is there but jesus its more like flying than skiing or jetting, but again its early alpha. so far the direction looks exciting, but I wish they'd hire on some of the guys that turned Tribes 2 around like Zod and Zodd. Put those guys in charge of physics.
The ugly. Why can't Tribes ever get away from looking corny. The models are ok but whats the deal with the big honkin packs on the back and the crazy jet trails. Tribes Vengeance started off doing the same thing and eventually people agreed the trails were just annoying. At least let us turn that crap off. Give us some kick ass light models along with the heavy and mediums. Light models that looks fast and stealthy.