Overall I'm excited. I still have faith in Bioware, somehow, and I really hope they're going to be able to pull through with what they have here.
I understand why they chose to make the game in another galaxy, and considering Mass Effect 3's endings, this is really the only choice they had. Ideally, Mass Effect 3's endings wouldn't have been as diverse as they are, and the next Mass Effect would take place in the milky way, but I think this is the best option with what they have. I hate prequels so I am very glad it didn't go in that direction.
I'm a little confused as to why they're not including racial choice. I thought moving the series forward without Shepard would be easiest by allowing players to chooses a different race, and I'm not sure why it couldn't be fit in here. It'll take a lot of work to make up for that.
My biggest fear right now is that the game will have too much emphasis on exploration, as it sounds like it will be, honestly. I like exploration, but I did not like the exploration in Dragon Age Inquisition. It felt so empty and lonely to me, personally. I also fear that there won't be many opportunities to run around and do trivial things like you can in many Bioware games. I can't imagine being able to have much downtime in a galaxy where places for it do not yet exist in the first place.
We'll see. I'm keeping an open mind. Please make me love the characters, especially the main character, as much as I did in the other three games, Bioware.