Will it be better?

[tdg]

Well, from what I can tell of the location and era, there is a MUCH richer and diverse amount of lore and legends for them to tap.
It seems to me that they can probably build a story that more people will feel comfortable with, and one that could break a few stereotypes.

On top of the story potential, you then have the graphical potential.
Penumbra had limited opportunity for diversity in the design, by comparison. There were a few archetypal areas they built into Penumbra, and most of them were really well designed.
The difference here is that they can have even more diversity (potentially), and more memorable features... perhaps not epic openings in ice caves and such, but definitely artistically diverse areas, epic statues, halls, secret passages, etc.

Anyway, it could be better... Just wait and see.