Nice trailer. I am hoping they can nail this game, because there's a lot of potential. They've said they're focusing on making it a really detailed and in-depth city, which isn't necessarily that huge but has lots of stuff to explore. That's what's lacking with Grand Theft Auto and most other open-world games: being able to go into buildings, things to interact with, etc. In a way those games' worlds feel a bit like a big set that you can look at but it's all a façade — nothing can be touched.
It does seem that too much emphasis has been put on the graphics, I'm guilty of that too. What will really make or break Watch Dogs is how the story and gameplay tie together, and I'm personally quite optimistic about both. It's going to require excellent mission design though, the same thing that keeps GTA together. It'll be nice to experience a somewhat serious story too (sex trafficking, one of the worst crimes in the world). I just hope they treat it carefully and don't make it clichéd and shitty.