It looked pretty good to me. I see small gameplay improvements that are nice. I didn't see a single explosion, all I saw was collapsing buildings - and honestly if this is what drags it down for you, it's like you don't remember how genuinely fucked up the first three thief games were (in terms of story, magic and supernatural elements). One of the key points of the series has always been that not all is what it seems, so I'm looking forward to see what'll happen with the city this time.
And it seems that they've at least attempted to hit the VO from the original games.