I played it at PAX. It will be mediocre by objective standards - the graphics are nothing to really admire at, and the gameplay is the same old FPS gameplay we've been used to for the last N years.
But the game is gut-bustingly funny, crude, and blatantly offensive in the way only Duke can. In that sense, I'm fairly confident about it.
As long as it's offensive, we will be okay.
Certainly, there is no possibility of the game itself providing anything like the enjoyment of the no-game. I for one am disappointed.
Does it really matter? If you're a fan of a particular game genre you kind of have to accept 80-90% of games are basically a theme/skin/sound pack. At minimum it should at least bring some humor back into the FPS genre which is very lacking. We have enough serious FPS war game theme packs out there.
It is rare that I ever do that, but I wouldn't put it past anyone to retain a modicum of hope for DNF.