After seeing some of the gameplay, I think it looks decent. Definitely got some MGS5 vibes from some of it.
As for the plot, eh, I'm optimistic. Hideo usually has some pretty weird concepts and he's not afraid to go balls to the walls with them, but I don't think they are as incomprehensible as people make them out to be. In universe, Hideo is usually good about explaining stuff through very long cutscenes. Again, it's usually weird concepts that use comic book logic at best, but I think that's fine. I can suspend my disbelief for concepts like viruses that transmit through language, nanomachines son, air dropping horses, dudes covered in bees, and ghost arms that are actually just someone convincing themselves they are someone else.
I think what makes his games fun is he takes those out there concepts, treats them seriously, and dials them up to 11. I admit I only got basic story beats from the trailer, but I think that is perfectly fine for a trailer. I'm in the camp of the less spoilers in a trailer, the better. And again, with Hideo I expect there are some lengthy cutscenes to better explain everything. There will still probably be weird shit for the sake of having weird shit, but I don't think everything needs an explanation in his game, especially if it isn't related to the plot in some way. Again, dude covered in bees. I vaguely remember a codex call explaining it, but I was willing to accept that was just a thing that existed in the universe.
All that being said, this is Hideo unchained, so it's possible he's breaking out of the mold of previous storytelling methods. For as many crazy story ideas he has, he also usually has cool gameplay ideas, so it's not a case of someone like David Cage who has no idea what a video game is supposed to be and just fails to use the medium effectively. With Hideo, I'm expecting a fun to play game set in weird but cool universe with nonsensical ideas that make minimal sense but work in the weird universe. And lengthy cutscenes.