Shenmue Dojo

Does look fun and I like the 3 tech settings the game has four gamers to pick from

It's pretty good. A bit drab in the looks department and fairly repetitive, but it plays well enough overall and it's challenging. I don't really understand the crazy hype, admittedly, but it's not bad.

OL wrote: I think it's just the fact that it's a Souls-like game that can actually stand on even ground with the series that inspired it. There are plenty of Souls-inspired games out there (most of them 2D), but so far none of them really get it quite as well as Nioh does. It's a challenging game, sure, but it's also ridiculously well-balanced; it's not cheap about its difficulty in the slightest, and every style of play that it offers is a legitimately viable one.
At the same time, it also manages to have its own style of gameplay that prevents it from just being a straight clone. In a way, it's kind of like Nioh venerates the Souls series as if it created a new genre. You could compare it to early 3D fighters: if Demon's Souls is Virtual Fighter, then Nioh is Tekken. Both share a genre, but each offers their own individual appeal.
That being said, I can't really say I have any clue what you think is drab about the visuals. I'm finding it to be incredibly flashy and colorful, myself, with some really excellent character designs all around The only issue I have in that department is that the enemy variety is a surprisingly small. And so far I only find the game to be as repetitive as Demon's Souls ever was.
Enter level-->fight things-->level up-->continue. Just how this style of game goes, I guess.

Admittedly I've never played a Souls game, but by all accounts it's very similar so I'm sure you're right that it's no more repetitive. I also wouldn't call Nioh more drab in comparison with those games - in fact it's probably got more visual style, though I still don't think it's all that much. The levels usually look pretty generic in my opinion, and the enemy variety problem you mentioned doesn't help. Just feels like I'm doing the same thing over and over in a slightly different-looking location. There are some exceptions to this, and some beautiful boss designs, but overall it's not exactly oozing with style to my eyes.

That said, I don't want to sound like I dislike the game - I do like it a fair bit, I'm just a little surprised by the response it's gotten. Admittedly though, I've never really been big on games with heavy emphasis on stat building/crafting/etc, so I kind of already wasn't the game's target player anyway.