There is a Gamespot interview/gameplay video as well that states THIS IS NOT A PREQUEL OR SEQUEL BUT AN ENTIRE REIMAGINING of the "franchise".
The video in the topic description doesn't really give a good impression, but I searched youtube for another and found a IGN video from E3 2013 showcasing gameplay, and it looked much better.
They do state that the game is still a work in progress, so the ugly UI and guard models (what the hell is wrong with their eyes?) will hopefully be fixed. The IGN video also clarifies what features can be turned off, which shows promise.
That the drop-knockout animations from a single button press is pretty lame, and it is MUCH too bright from Garret's perspective.