Congratulations on pulling this off, TSL team!
The dramatic cutscenes (particularly the parts with spooky appearances by the hooded guy) are very nice touches. As others have said, the visuals and music/sound are excellent.
I enjoy the new tone, but think you could have avoided a lot of player unhappiness had the game been sold more as, "a new, darker take on the KQ adventure, with all the familiar characters from Roberta Williams' games." Declaring yourself the next game in the KQ line is both presumptuous and bound to leave people disappointed. Rather than try to be the hypothetical, long-awaited KQ9 (and what manner of game that is depends on who you ask), why not make it clear from the outset that this will be your individual take on KQ. The creation of false expectations was a self-inflicted wound on your part.
Though there are some bright spots in the character dialogue, much of it is predictable and boring. I would get rid of any of the unnecessary, throwaway lines. I hate having to listen to all the polite niceties exchanged between characters before it gets to the point of worthwhile, meaningful dialogue that either helps develop a character or advances the plot. It would also help if the actors spoke faster and less deliberately.
Also, the narration is beyond irritating. There is a weird disconnect between the narrations and the events happening from Graham's perspective. What perspective is the narrator speaking from? It seems she's speaking from an all-knowing AND a self-aware perspective. The self-aware stuff (addressing the game player as "player," acknowledging that it is a game, etc.) would work if this were a satire or comedy. It does not work here. All that the self-aware stuff does is wreck the mood and create confusion in this situation. It would be like suddenly dropping all the scenery backdrops in the middle of a serious scene at the theater... or allowing one of the actors to take a personal cell phone call while on stage. Also, the fact that she is all-knowing also can prove problematic if she doesn't know when to refrain from over-sharing. It might have worked better if the narrator only relayed information that Graham himself would have been thinking at that moment, with occasional nudges to the player, hinting at the intended direction of gameplay. Better yet, why not make the narration be Graham's own thoughts, rather than some out-of-body voice who likes to mock the player? The narrator's delivery is also a problem. She speaks too slowly and she sounds too modern. This was a casting mistake. More than anything, though, the long, unwieldy narration descriptions are screaming out for an editor.