Interesting. The last Devil May Cry that I played was the very first one, because the forced camera angles made me go crazy. At the time, it also felt too similar to Onimusha (or visa versa, whatever). I have been keeping my eye on the series over the years though and this looks bold and cool in its own way.
Hopefully these guys can pull together something awesome.
I don't think Ninja Theory has the technical ability to go head to head with the likes of Platinum Games or even Capcom themselves in order to develop a technical fighting experience along the lines of Bayonetta or DMC3.
I will however, be picking this up on release. Simply because I enjoyed Heavenly Sword and Enslaved.