Watched the gameplay and it looks like all third person action/rpg games out there. Not that it is bad but you know the type (Infamous, etc).
If the devs have any common sense they will rip off any of the existing magic systems out there. You will have your magic missile, your fireball and your chain lightning; the video also showed your invisibility spell (I'm already guessing there will be enemies that can see invis), there's a paralysis spell and a stun spell (again, enemies resistant to it or creatures that are immune to that tactic); and I'm guessing there will be a confusion, blindness and summon spells. It's a standard deck.
I have always loved the baldur's gate 2 magic system. Even if it's a dumbed down D&D one because you only need memorization and no components. This game does not give me the feeling I'm a wizard in the classical sense. If I command the universe I want to be able to stop time and buck break a mindflayer. At most, the wizards here can call lightning and do some dark sorcery.
Another example of wizards breaking shit up is Dragon Age Origins. I remember casting a stun/barrier spell on my tank (which makes him immune to everything but he can't move) while he was holding aggro. Then corpse explosion on the mobs around him, the enemies would blow up in a chain reaction and the tank wouldn't even get a scratch. Or combining different sigils, one that made a barrier in one direction + a barrier in another direction would make the enemies implode. It was great.
I didn't even watch the story bits. After reading about the butthurt I want now to be a scene where some muggle says, "why aren't you stopping slavery?" and wizards tell him, "nigger we have Chtulhu rising from the sea and Daemons from the 9 hells breaching through colombia, what the shit do I care if your kind are selling each other for gunpowder?"
The biggest red flag for me will be the magic management and combat economics. What's the cost of using magic? Do I have a mana bar that depletes? Do I have a cast and forget system? Do I have once a day spells and I need to decide whether to cast a big boom from the start or soften my enemies first? Will I be put in a situation where I should hold em or fold em?
The trailer showed a lot of pirouets and flips but the mc could cast all day long. I guess the enemies will be bullet sponges or it will be made for the game journo crowd.
Also the Assassin's creed inspired counterspells. If I press a button I'll be able to counter my enemy's spell. I already hate this mechanic. I want to have defensive spells and mitigation spells but don't give me the Dragon Age 2 awesome button feature.