If this had been announced shortly after Medieval 2 Kingdoms was released I would be completely stoked - I played the series right from Shogun 1 through to Kingdoms and loved it. The games weren't perfect, but it felt like there was a steady forwards motion in the introduction of new features and the fixing of defects. If the trend of improvement and advancement from Shogun 1 onwards had continued with a Warhammer Fantasy-focused game I would love it, but ever since ETW the series feels like it has lost all the charming elements that made the older games so great... all in exchange for the concept of streamlining (a weasel word that means shameless dumbing down of gameplay).
I say this not just as a total war fan, but a player of the Warhammer games on tabletop. Dawn of War has done a fairly faithful rendition of Warhammer 40K, but we haven't had an official Warhammer fantasy game (aside from the third-trimester abortion that was Warhammer: Mark of Chaos). The world of Warhammer Fantasy combined with the game mechanics of the older Total War games feels like a match made in heaven, but with the race to the bottom initiated with ETW and the catering to "casual" gamers who like "streamlining", I feel like this is going to be another bungled opportunity.
I'm curious to know what everyone else thinks and what everyone is expecting, given the current state of the Total War games.