Here's a good, long gameplay video showing the game in the late stages of development:
http://www.giantbomb.com/ask-me-anything-mindjack/17-3580/?page=8&sort=first
Personally, I don't think it looks bad. We're all probably tired of cover based shooting, but this seems to add a fresh new element. Not just being able to grab new allies or rapidly switch your position on the battlefield by mindjacking others, but it also seems some of the mechs and other things (like the cyborg gorilla, featured in that vid) play drastically differently, which should help keep things fresh and entertaining.
The mechanics seem to work smoothly enough - the guy playing it comments on how the cover/running/shooting all works perfectly.
That said, whether the game will stand the test of time remains to be seen. Even the most innovative feature needs innovative application to keep it from going stale, and if the game is just a 10 hour shooting gallery the novelty may wear off fast. But, if the game can keep things fresh and creative, then combined with the evidently functional mechanics, it could be fantastic. Perhaps I'm setting myself up for disappointment, but I have high hopes.