This may be an unpopular opinion... but from the screenshots I've seen and the things I've read.
To me it almost looks just as interesting as a System Shock 3.
I know we can all read, but I am going to copy&paste a few things that really stuck out to me.
"BioShock, a new game that will attempt to further the open-ended, emergent gameplay of the previous games"
That will be a tough promise to deliver on. But if you look at the games their programmers/designers have created, I believe they have the talent to deliver.
"horror-themed gameplay experience in which what you observe, and what happens to you, will be tempered by your own choices."
Minus the horror-themed part, this is one of the main things we've been persistantly nagging Bethesda about. Your choices change things in the world that you can, see and feel the impact of.
"If you can capture exceptionally clear photos of specific creatures, you'll actually be able to expose their weaknesses."
Clever.
"BioShock has been in design for some three years now,"
Reassuring.
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Good comes with bad, though.
Like what's with the Plasmid system? Sounds kind of dumb and restricting. Why not use a real RPG system? Or RPG system+Plasmid system.
That brings up another point... there was no mention of any kind of RPG system. So is it mainly going to be FPS+Plasmid implants?
That reminds me a little too much of Deus Ex 2. A memory I don't want to remember...
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Aside from my above ramblings, I'm still excited for the game.