PC Gamer has a good breakdown of what they know. They say it looks like Fallout meets Bioshock meets Firefly and that's a pretty apt comparison.
The big thing for me is the focus on player choice, which I feel Obsidian does very well.
In addition to the trailer, Game Informer has a brief gameplay video that shows the game and makes me want to play it even more. It feels like a modern take on more classic First-Person RPGs: https://www.youtube.com/watch?v=J3cRpYGVPsU
Let me say that I adored Fallout 4, but it looks like a lot of the choices in this game were direct responses to criticism Fallout 4 received.
You can see PC Gamer's coverage here: https://www.pcgamer.com/obsidians-the-outer-worlds-blends-firefly-and-fallout-into-a-bold-open-ended-sci-fi-rpg/
Makes sense now why Microsoft bought them. Microsoft seems to want new stuff and this game looks really cool. My only critique is it looks very much like Fallout and from the gameplay trailer it looked like a more “fresh engine’d” version with some new Prey vibes.
That said, it’s cool to get more games like that and maybe this might influence future Fallout games for the better while being awesome on it’s own.