Well, it certainly looks like MGS3 in a modern game engine. Don't really have any complaints about how it looks, but I'm really curious to see some character models. MGS3 had that 3D anime look going for it and it'll be interesting how they will tackle the faces.
I would assume it would be like most modern games with digitally scanned actors but I don't know, Snake's looking like classic Snake from what we see of him here which I'm fine with.
If the levels are going to be 1:1 the ps2 game then it's going to be really short compared to The Phantom Pain which most MGS fans are now accustomed to being the game's standard.