Farming items it's...annoying, since you can have a better equipment or something worse that the one that you have, so, if you aren't of the collector kind, it's wasted time.
I think that Castlevania fans care more about gameplay, story and music than extensive features, like 100+ swords or armors...
You didn't know of the many Castlevania fans that enjoyed trying to get 200% and finding every single item/weapon/secret in SOTN and other games?
The gameplay is already there. 2-D gameplay and rhythm we are familiar with since SOTN onwards.
Story aspect of this game is still unknown, but even without it, but the gameplay, cooperation
and content will keep players playing regardless.
IGA is in charge of this, so of course there will be someone composing Castlevania's flavor of great music.

What people have to remember is that this is a new evolution of 2-D Castlevania formula.
It isn't the stage based Castlevanias of the past, and it isn't a "metroidvania", it's a new angle to
Castlevania that strongly focuses on multiplayer (but still enough content for solo players to enjoy as well) , as well as fun in different ways using familiar combined formulas and new layouts.
You may think farming items is annoying, but many fans are not bothered by that at all.
Farming is a concept that is well received even in games outside of mmorpgs and monster hunter games.
It's somewhat related to grinding, but personally I feel this will make growing in power more rewarding
in Castlevania HD and also balances the difficulty better so players can't overlevel and end up killing the
challenge too quickly.
Finding and upgrading equipment also makes "level boosting" impossible for exploiters.
And it would take longer to find and collect all the best items, so overall this also extends
the element of surprise and more reasons to keep playing.