One this is for certain, the animations, character models etc, look like a vamped up version of FF14s, which is weird. I may not have bought FF7 Change Everything but the demo showed far better character modeling than here but maybe this is an early build.

Setting is actually something I liked the look off. Maybe we will see some actual steam punk style in it still however, as many FF games are grounded around technology, even the more fantasy setting ones.

Combat on the other hand, appeared to be only 1 control able character with no party. Could be mistaken for a medieval DMC.

Im not sure if i am underwhelmed, but I do feel weird. I dont dislike the setting, but after ffxv for so many years it does feel weird. I think the most underwhelming part is the main character being named Joshua and the exclusivity. I want to see more gameplay.

I don't understand the XV comparisons, some of the assets look literally taken from XIV. I thought it looked fine though.

The game is made by the team that made FFXIV, not the ones who made XV.

So the parallel between XIV and XVI is actually more apt.

Headed up by the FF14 A Realm Reborn studio. Not surprising it has the setting and look that it does. It does feel a little like a budget FF title though. And honestly, maybe that's a good thing. Because we all know Square focus a little too much on production values lately when it comes to Final Fantasy. Often at a cost. I'll wait until we see more.

Main(?) character keeps teleporting, fast paced action combat, lightining feels very XV(though the art seems like a mesh between XV and XIV), more gritty and realistic setting, etc

No, not really. It was a teaser rather than a trailer and it showed what teasers usually do. Reveals dont usually show much, the fact that we have confirmation the game is coming and is a console exclusive was the whole point. It being a medieval fantasy is something I like a lot.
I wasnt blow away by it, it was just right.

If im to nitpick, visually looks unimpressive, but im expecting thats to change moving forward.

Nah, I actually got FFXIV feels from the XVI trailer as well.

The tone and the combat are straight ripped from FFXV, the FFXIV paint job on the outside doesn't matter.

Honestly, at first, I thought it was a trailer for a new FFXIV expansion.