I agree with a lot of what Abnormal Freak is saying...Though, one key addition for me:
Because it was released before Castlevania's portable boon, and newer fans generally aren't familiar with it in context, I think we forget the Castlevania evolution that was dropped mid-evolution: CV64 and Legacy of Darkness. First off, these were supposed to be ONE game, but development time and hardware difficulties got in the way. Moreover, they were supposed to include more features that appeared in beta videos that never made it into either retail version, such as whip-swinging over gaps ala Castlevania IV.
The short-lived, misunderstood 3D N64 era was just as ambitious, if not more ambitious, than SotN or anything since. KCEK took Castlevania kicking and screaming into 3D, and made many innovations along the way. We had cinematic elements such as the trees getting hit by lightning, falling, and burning up on the ground in the intro of stage one. There were lesser vampires for the first time in eerie survival horror moments married alongside action & cliff-grabbing platforming with a mostly 3D camera. There were item- and time-sensitive events and puzzles, status ailments, night and day mechanics, a shop with consequences to greed, stage-based levels with exploration, and classic Castlevania memes alongside a fresh gothic/Industrial Revolution-inspired art design and a main hero with both a whip and a [strategic] sword. Furthermore, there were multiple characters and routes through the game with their own stories, a mixture of ambient and heroic tunes (new and old), and, well, the list goes on...And again, all of it was in 3D!
There were no hack-n-slash combos or box-based design–-it utilized all the dimensions of the 3D space. Was it rough around the edges and a bit eccentric (everyone talks about the motorcycles)? Sure, sure. But there was no doubt in my mind that it was "CASTLEVANIA." That all that ambitiousness and headway on such limited hardware was dropped is something that 3D Castlevania has never recovered from to date. Things should have been cleaned up/expounded on that template, I think.
Now, from all the trailers thus far, Lords of Shadow is so much so a reimagining, that it could have been the start of its own franchise, suitably called Lords of Shadow. It's nice to grace it with the name of Castlevania due to its high production values that the Castlevania series has never gotten before, but IMO most similarities feel like tokens to me compared to what was brewing on the N64. No disrespect to LoS, which will be a fine game in its own right. (I personally haven't felt much of the Castlevania vibe yet, which is based in classic horror and adventure more than dark high-fantasy). And yes, CV fans are indeed a wacky brood.