I think it looks fun. Gotta take into account that this was done in 6 months, so what would you rather have them do? A few new weapons and multiplayer maps? Why not take the time to just take an established formula, which already makes a good game in itself, take whatever little time or money there is and just go crazy with it? Low risk, gives the opportunity for the developers to go nuts and just have fun. The setting's ridiculous! I mean in this world, the apocalypse had an apocalypse. This is set after Vietnam II. Don't ask why, just revel in it.
To me, I view this as the same vein as AC4. Would a seamless, open world pirate game have necessarily got the funding without the AC name attached? Maybe not, but who's gonna complain if they end up getting a game based on a concept they've always imagined for so long? Blood Dragon is the same way. Would you have gotten this neon lighted, knowingly culturally irrelevant shooter without the Far Cry name? Probably not. Red Dead Redemption and inFamous have also done something like this, so I don't see the issue.
It looks to wear it's influences on it's sleeve (I've seen plenty of Terminator/Predator/Robocop references in 10 mins alone) and if you watch the tutorial, is knowingly self aware that it is also a game. At least it's not so self serious as most shooters pretend to be lately. I don't see the harm, looks like it'll be a blast.
http://www.youtube.com/watch?v=VOvBP8cc2F4