About my same thoughts, though I might also add those animations are going to get terribly annoying after seeing them 20 times.  Any game that has constant 2-3 second cut scenes every few minutes is annoying enough (play NCAA 2007) but this game is going to have several every turn.

As far as complexity, it does seem a little more complex than I thought but not that much considering the game does almost everything for you.  The direction thing could be interesting but nothing major.  It's nice they have 5 phases but I have the funny feeling that it probably goes sometihng like draw, upkeep (get mana), spell phase, attack, discard.  Nothing too major there.  I still haven't seen anything amazing about the spells yet but perhaps they're still saving to show off that.  And yeah, cheating is still a pretty big concern for me.

Rules that I can see: (In Order as best I can tell)
2 Mana drawn per turn
Chose an attack.
Play a card, deal with effects. (Play X cards?)
Cards drawn (?)
?????

Subtypes: Quickness. (Attacks first, even if a counter), counter attack on all attacks if the defense arrows match. First blow to fatal stops any counter, otherwise quickness is worthless. OTher subtypes I can't read.

Placing on same element type gains +2 hp for creature card.
Creatures have base effects and support effects. Minimum damage is 0.

Cost possibly determined by amount for on right field or not (Two numbers, one large, one small?) No visible defense despite having an effect on gameplay.

you forgot : spell atacks can't be countered or evaded . evasion is not shown, so agility might give a chance to evade attacks although I don't know how they want to implement this in the board game without the PS3/cam - maybe by throwing dice

I'd also assume defense rating has no effect on magic damage, but seeing as it's an intangible value that you don't actually see on the card, that's an x factor.

 it might.. the protection points are from an effect so idk maybe.