It looks amazing, though there are a few things that worry/bug me. As a fan of only the main series games, I find the fact that the developers are focusing a lot on the anime irritating. The "cries" of the Pokemon in the anime make me feel like my ears are bleeding, and I could just never get into the anime, even as a kid. But what does my opinion matter on that?
As I was reading the FAQ, I read that they were intending to do only the first two generations, and maybe the third, but fourth onward was out of the question, and that for their story, they were sticking with the three year span between the first two. As an advocate for all the generations, this saddens me because I was hoping I could go on a more open journey in all the regions with teams similar to the handhelds. Sure, I can already do that in the handhelds, but not on this scale, and not with this kind of gameplay. And we already know what happened between generations I and II; Kanto modernized even more (the magnet train and radio tower) and shrunk, Blue became Viridian gym leader, Cinnabar Island blew up, Blaine moved to the Seafoam Islands, Koga joined the Elite Four and his daughter Janine took his place, Lorelei and Agatha left the Elite Four and were replaced with Will and Karen respectively, Lance became champion, Bill moved (apparently back) to Johto, Silph Co. got tighter security, Mr. Fuji moved Kanto's Pokemon cemetery, Red never returned to Pallet Town, the Power Plant reopened, and a few other things I can't remember.
I'm going to keep my eye on this, maybe get in in a later version, and hope that the developers will 1) add an option to use the game cries as opposed to the anime cries, and 2) change their minds about limiting themselves to just 251 or 386 creatures.