The gfx do look more enticing than NMS, will be interesting to see where it goes. I assume they have a stronger hook than "Valheim, but higher res, and with flying!"
No, this is their first trailer, so this is probably the hook, or at least most of it. Also, notice how there's no combat shown. Enshrouded at least had a theme of "Valheim, but handcrafted maps with more detail and more involved combat", and a post-apocalyptic fantasy setting. However, Light No Fire so far looks like they remade No Man's Sky (even the name sounds the same) to be more like Valheim, but in a visual design that'll likely have broader audience appeal (gotta go for higher saturation, too). Plenty of
ships mounts shown in the trailer, and zero combat: I expect that the plan is for the latter to be about the same as it is in NMS.
Mind you, I do think there's a large enough audience for this, and it's natural progression for HG to ditch space environments, so I don't think this is likely going to be bad. But based on what was shown here, it looks like it's not going to be original either.