I would definitely be all over this if Gothic 3 hadn't been a letdown. I'm sure it will be worth a pickup eventually - kind of looking foward to the Gothic reboot too.
I'm fairly optimistic that this won't have the problems G3 did.
They have a different producer now, so supposedly they were given more time and money and therefore QA and beta-testing should be better.
Also because this is the first game in a new series (that admittedly seems to borrow heavily from Gothic), I think they will feel less inclined to go overboard with the 'epicness'. They don't have prequel games that they have to surpass in scale.
I always prefer RPGs that have a small, detailed, focused world (I loved Quest for Glory for example), rather than a multi-region, multi-climate, find the 21 seals of doom so you can unleash and slay the 12 dragons of Xarchanos kind of thing.