I don't envy the task that MS has on their shoulders. Making a 3d CV game is sure to piss off legions of hardcore Vania fans....no matter how the game turns out. There's literally no way they are going to please everyone that adores this franchise. As a fanbase we are VERY high strung...myself included (at times).
I'll give them the benefit of the doubt. While LoS had its shortcomings, I found it a far better exercise in creating a proper 3D Vania than either of Iga's attempts. That man needs to stick to the 2D series; as it is what he does best. As someone that really enjoyed LoD, I found myself royally disappointed with LoI and CoD when they arrived. While the action and graphics had improved, the level design had taken a BIG step backwards. I always said that LoI got all the things right that LoD had gotten wrong, and it simultaneously got all the things wrong that LoD had gotten right. LoS may not have gotten totally back to that template that worked so well for LoD, but it came much closer than LoI or CoD ever did.
IMO...if they give us a new Belmont to play with, a big showdown at the Dark Keep with Drac, and a score thick with new arrangements of classic CV tunes.....then they are golden, regardless of what changes they make to the action. Giving us more "analog" platforming and lots of traditional creatures/bosses would be even sweeter icing on the cake.
Storywise? Well I have plenty of thoughts on how this new continuity could work moving forward, but I don't work for MS. Story has never been this series strong point (as many here have pointed out in the past), so I fail to understand how LoS' story made the game so unworthy to some people. To me, if the action is compelling...then I'm in.