hmm, it's not really doing it for me. Graphically it's the best Pokemon game I've seen, but I was playing Digimon Cyber Sleuth while watching the video and that looks better to me. That was originally only a Vita game, yet Pokemon can't match it for graphics? Pokemon surely has a much larger budget too...
As for the gameplay, the wild Pokemon "battles" look incredibly boring. I hate that random encounters are gone, although I guess with how boring and repetitive wild Pokemon will be the ability to completely avoid those won't be such a bad thing.
I just watched the Treehouse gameplay, when you walk into the grass you will have random encounters. So there seems to be a mix of the player being able to choose what they approach and wild Pokemon randomly attacking players.