I'm not excited for it.
One of the best things about paper mario is how it uses classic mario characters and their variants to tell stories (first two games were both actually called mario story in Japan).
Without the classic mario characters the game will be fundamemtally lacking.
This is especially true since it looks like its art direction is inspired by the newer games, whose only positive aspect is having the mario characters in them.
If the artstyle were closer to the N64 PM I'd be more excited.