Played it at E3 and you are right... it’s incredibly simple. It's also slow, unresponsive at times, and Samus’s vertical has been reduced to about 6 inches. But doesn't it look pretty?
I think that if they speed things up a little it could be ok. The demo was still fun even though it was simple. I think it will be a fun game but nothing revolutionary in terms of the fps genre. They said there is more of an emphasis on exploration and even though the demo stage didn't really show it I'm sure the final product will reflect this.
But don't tell this to any fanboys. Just nod your head and agree that it will be the second coming of God.
EDIT: oh yes and you can strafe by auto aiming at nothing... but its not a circle strafe.