This looks like a fusion between the "Look we've finally got the gameplay right" of Sonic Colours fused with the "Look it's all retro!" of Sonic 4. There is no way in hell this will live up to the hype it will end up with.
That being said, I'm confident they'll make a decent game. They proved they can with Sonic Colours, and hopefully Sonic Team can improve on it's little flaws without creating giant new ones. From what we know of the plot, I'm sceptical, but plot has never been amazingly important to Sonic.
Also, it seems that Spin Dash is officially a Classic Sonic signiture move. Hopefully this means it will go back to it's former glory, not the poor man's dash it's become.
Having said all this, I don't actually have a console I can play this on. Here's hoping for a project cafe port.
Edit: Also, on the video with the interview, towards the end you can briefly see classic eggman (robotnik?) on the goal sign. There are some conclusions to be jumped to here.