From Software's first person perspective RPG title has shown the future potential of what King's Field IV could look like, although a few problems have shown up in the game. For instance, Eternal Ring doesn't move nearly as smoothly as Maken X on the Dreamcast and the characters move quite slow, making you almost wish there was a run button.
We're still early into the game, so we might be in for some surprises towards the end. For now, you can take a peek at scenes from the gameplay.