Love the music and I like the premise. I kind of hate the word cheese actually, as people tend to use it as a dismissive term. Realistic/vague/depressing is not inherently better than fantastical stories or a more "in your face storytelling" in my opinion. Some of history's greatest pieces of art, be it musicals, rock operas, novels, or film, belong to the latter category.
That said, this is definitely over the top
I think the narrator overdid it a bit. And what visually bugs me about this trailer is the faces of some of the characters, I feel they fall in the wrong region between (well) stylized and realistic, which gives a somewhat "creepy" look (enhanced by the simple animations). So yeah, I wished the artist went a tad more towards a (serious looking) graphic novel artstyle (more stylized) instead of aiming at a more realistic look. That said, the assets are not necessarily bad; 1.03 onwards looks visually ace I think. Partially because the characters are displayed as silhouettes or under darker lighting, making them feel less out of place. I really think these visuals will work well for the show though!
This is an example of good storytelling with simple animations and art:
https://www.youtube.com/watch?v=_8YUDfFtH2A (The Witcher III game intro)