Honestly, this seems to be a rather mixed bag, which I'd propably not recommend to most players. You haven't played Shenmue 1&2? This game is not meant for you and you won't have fun.
You have a problem with grinding? This game is not for you.
You don't like running around talking with people who can't help you, only very slowly evolving the story? This game is not for you.
You don't like a main character that sometimes seems to be less intelligent than a simple stone? This game is not for you.

If you have answered "no" or "I don't care" to all of these questions: go on, as far as I can see from the first three hours the game seems to be a valid successor for Shenmue II.

[Update: and done. Still valid after 25 hours :-) ]