This isn't spoiler based, just my first 4 hour impressions.
The frame-rate is unlocked meaning it can go to 60fps and 30 depending on what you're looking at so, some minor stutter does crop up but it rarely drops below 30, which is great. I think they should just lock it to 30 ( in a patch ) and the micro-stutter will be gone.
Ryo moves like if you had the dreamcast animation with more refined, responsive controls- not bad.
The abrupt cuts with Ryo and Shenhua are, I think, more to do with budget as I noticed similar animations at points during the cuts repeating ( you'll know when you play it ).
It takes time to see the rain ( it comes on gradually and you'll hear it before you see it ). It took till 4 in game-days for it to rain for me which looked really nice.
Graphics are really good. Some low rez tetures and minor pop-in here and there but no more than any other game. What's really surprising is there are some really high-end looking textures as well ( AAA high quality ) which are really detailed. It's a very consistent looking game, but I did notice a weird shimmery effect on the grass
( it could be a bug as I only saw it once in my time with it ).
The little red circles that appear when you're looking at objects aren't as distracting as I thought they would be. They actually make it more smooth and fast to search between stuff ( no need to zoom right in ). And you can open so many things so early in the game. I'm really surprised by the amount of interaction, considering budget.
It still to early for what I think of the combat. It's not bad, though, slower than I thought it looked. The Snake tonic, to me, makes the combat a bit more forgiving. It's not cheap to buy, but I think it could encourage just spamming it when you need it so I'm not using any, at all.
NPC do have routines ( I've seen a few in different places doing different things. This may be down to story progression, though, as I haven't followed anyone to find out yet.
The music is awesome and varied, as expected, just like 1&2.
Overall, a bit rough round the edges (to be expected. Kickstarter ) but it's surprisingly quite polished and ambitious coming from it's small beginings.
Oh, and it definitely feels like Shenmue