It's hard to say to be honest. Most of their new studios still really need to prove themselves as they've only made small scale or ok'ish games. But if I had to pick, I would say Obsidian as Outer Worlds was pretty cool.

Rare and the initiative, 343i if they prove to be worthy. But really MS has a solid 1P now.

I'm most excited to see what the new kid on the block, The Initiate does.

Obsidian I'm also keeping a keen eye on.

It's pretty much a tie between Obsidian, Playground and The Initiative. Though I voted for Obsidian in the poll.

It's not so much that i'm placing high expectations on them, as much as I think Microsoft is, and I'm curious what they're doing. That's it really, not necessarily that I expect an amazing game. They're the most mysterious, and that also makes them one of the most interesting. 

Not every team needs to be huge. Moon Studios made one of the best franchises of this gen and they are very small.

The Initiative for me. Their project is rumoured to be very big and just the thought of what they could be making, could it be a new IP like a Tomb Raider style game or could it be a revival of an older IP like Perfect Dark.

Also Worlds Edge, as I love Age of Empires and the 4th game is something I am extremely excited about.

Obsidian, Rare, The Coalition, Ninja Theory, 343, Undead Labs and Playground Games I am all very exciting to see more and hear more of there projects.

InXile, Turn 10, Compulsion Games, Mojang, Double Fine don't really make the type of games I prefer so I am sure they will be exciting for others.

Playground Games

Forza Horizon is already consistently incredible so the thought of them doing something new (and it being rumored to be a reboot of Fable) is exciting as hell

Change of genre can be a great challenge and opportunity. Let`s see what they make of it.