Did you play Dark Messiah of Might and Magic? This looks very reminiscent of that; the trailer looked very similar in style, lots of focus on the first-person animations, physics manipulation (e.g. kicking enemies off cliffs), the same sort of combat style.
It played more or less exactly like it looked, and for its time, it was fantastic - truly innovative and fresh feeling. With that in mind, I really hope that’s what they’re using as inspiration here, and that they capture that same game feel.
I strongly suspect that “modernize” implies “microtransactions”…