I really like the level style, it looks like it is based somewhere in the Balkans, which is a refreshing change. The textures and particles look good, though youtube is a difficult source to base this observation on. I really like the emphasis on melee combat also, and the inclusion of guns does not appear tacked-on. I never played Dead Island, but I expect they look to recreate the success of that franchise while looking to improve upon it.
One thing to note about this video - the guys presenting the gameplay are SO FRUSTRATING TO WATCH. It may be intentional for demonstration purposes, but they constantly avoid kills, clearing areas, checking containers, picking up items and LOOKING AT POINTS OF INTEREST. I get the impression that they don't answer certain questions because they don't comprehend the value of the answer (e.g. Q: "Can you change the FOV?", A: "Yes, you can."). Even though I intend to play this on PS4, it is immediately obvious that this is a PC focused question, and that actually telling people what they can change the FOV to would be really nice.