Alrighty, here's my review of the live stream.
First the positives:
Stamina - Great, love it.
Bloody hands/diseases - Immersive, love it.
Ladders/swimming/falling - All look great, love it.
Ambient spawning items - So much better than the old system, love it.
Interruptible animations - So much smoother, love it.
Weapon animation/sway - Looks good, love it.
Player status icons - Very clean, love it.
(also other things I've forgot to mention) - Love it.
Now the negatives:
Melee Combat - Looks clunky as hell, the forced movement while meleeing makes it look almost impossible to hit anything. IMO, you should keep the light, heavy and blocking but allow the player to always have control of movement.
UI/'Action circle' - Now while I love most of the new UI, the change of the "action circle" from the bottom corner (ie the Gamescom demo) to the center of the screen is a really poor choice in my eyes. It's immersion breaking and just doesn't look good. IMO it should be changed back to how it was presented in the Gamescom demo.
Loved it. Everything looks to be going in the way I always hoped it would. Keep up the fantastic work devs. In Beta We Trust!