Looks fun! I'm into it.
I like that it's leaning harder into brighter colors, more fluid animation, and sillier spectacle. Those are all elements I loved from Puss in Boots 2 that are not exactly abundant in the original Shrek films. I'm totally down with moving away from that 2000s-era "We're too cool and adult to be bright and cute" aesthetic of the original films. It's been nearly 30 years, I'm down for a new form of Shrek, especially one this expressive while still retaining that rough irreverent charm.