How much of it is gameplay, and how much is QTE/Cutscenes?

Have you ever played Max Payne?  It is exactly the same here.

No, I haven't played Max Payne.

Let me see... well, there's a lot of gameplay (It becomes a little bit repetitive towards the end though), and there are plenty of cutscenes. Some of these cutscenes are actually interactive, in the sense that the story is presented to you during gameplay (I.e somebody is speaking something important, but you're still able to run, jump and do things), and there are others which are presented as a video (the pure meaning of cutscene). There are some "gameplay" about watching the TV on which there are live action about a program called "Night Springs", which explains you things like "Quantum Suicide" or "How to get into a Cult". Then you can collect your own manuscript pages which further the story and are well-written (and you can read them whenever you want); and from time to time you'll see yourself reflected into a TV (as a live actor) explaining how did you get all those pages all over the place.

In other words, it's more of a game that say, Heavy Rain?

Well, you can run, jump, drive cars, open doors, shoot, beam your flashlight, pick up batteries, read manuscript pages, watch TV, listen to the radio, drink coffee, hear "put the lime in the coconut" twice, fight hordes of The Taken, and to a certain degree, interact with some NPCs.

Does that answer your question?

Again we have to question how this would work outside of the US and maybe Europe.

How about lets wait till we see how it actually works before bashing it? Crazy concept, I know!