I just hope that all the app based games will be useable after support stops. Obsolescence is my biggest fear as a board game collector in the app driven age. 
I don't mind an app for co-op, and additional modes would be welcome, in my opinion, for short one-off adventures or when you've beat the campaign and revealed the surprises of the main story.
+1 for workshop support! My D2e got so many more miles on it thanks to other's creativity.
Wondering if the next volumes/chapters will be the same price, or if the hefty investment of chapter 1 will cover most of the basic components and we'll see some savings with later releases. (A completionist can dream, right?) 
Is it also possible that the app development costs got rolled into the game price? Just a thought.
All in all, I'm excited for more Terrinoth, disappointed it's not 3rd edition, happy I can play solo or with others and can't wait  to explore and discover while I get my mind off of the crap going on all around us this year.
Happy gaming, everyone!

My biggest problem is the app. Even if this a one and done game, what if I want to revisit it in say 5 to 10 years. Will FFG still be supporting and updating the app or will one day when I update or buy a new iPad and find that the app doesn’t work anymore. Then I have a big box of stuff with no way to play the game. It’s my problem with all app games. 

Okay, finally finished then 1.5hrs high level overview and gotta say that I'm also kinda loving what I am hearing and seeing. 
A few points:
The Elephant in the Room, the Removal of the Overlord Player:
I totally agree that removing the Overlord was a good choice if you are goaling for a fully co-op game, which they were with this. The reason is that the game can then be designed from the ground up with the focus of how the player characters abilities, items, et al., can interact with the computer controller opponents. When you don't focus on one style, you end up with certain abilities that simply do not work or are holy crap too powerful when playing against either an Overlord player or an AI Overlord.  A good example of this would be the Appendix I in the Road to Legend rules; several hero abilities simply do not work, and a third of the Marshall deck does absolutely nothing because these abilities did not translate into an co-operative game. Monster stats and abilities no longer have to be balanced around preventing them from being overpowered with what a thinking Overlord can do with them with planned out tactics, secretive deck of powers, and more, while also keeping them from being so weak when a more simplistic AI is attempting to just rush the players. It opens up the design space for the developers to do more when you only have to worry about one game mode.
I also like that they emphasized over and over again that this is not Descent: Journeys 3rd Ed. and that that game, at its core, is a competitive game. While I would have a hard time seeing them launch a 3rd Ed. so soon after launching Legends, I think they are leaving themselves space to revisit that, or at the least return to further work on 2nd Ed.
 
Tiles/3d Terrain Pieces
I really love that they went 3d with the game. I have been playing a lot of Rangers of Shadowdeep and following a lot of co-op and competitive skirmish type of games (Skyrim, Frostgrave, Fallout WW, Brutality etc.) and missed the interesting terrain when I would go back and play Descent. The cardstock is a bit of a letdown compared to some of the plastic scatter terrain I've seen for tables, barrels, chests, etc. but it looks serviceable and honestly a bunch of terrain can add a big price tag depending on how much there is. The multiple levels is rather interesting to me, I didn't predict them doing that and its a very nice looking table presence, and I'm interested in how it affects gameplay.
I'll agree with the artwork of the boards be a bit bland. I can understand that keeping it simpler in design allows for a much wider opportunities of positioning, and instead of having points of interest on the tiles themselves, they are using the before mentioned terrain pieces for that. I think its a forgivable sin.
 
Character abilities and progression
Getting rid of the classes is a bit of an odd call, but it seems that they may be going for larger decks of abilities and therefore each hero will have severable viable "trees/builds" that you can work towards, similar to many vRPGs out there, instead of picking a hero and class combination, so, it should work. Crafting sounds interesting and I like the idea of sidegrades instead of upgrades for equipment. I'm also intrigued with the flip mechanics and getting away from the attrition of Fatigue. Now fatigue just results in you flipping and changing what ability/weapon/etc. you have available for the next few moments.
The way you can also personalize you hero by the choices they make and NPC interactions during the campaign is a really sweet touch. The campaign adjusting based on what heroes are in play is really cool, although, I hope they are going to roll newer heroes into the Act 1 stuff as Act 2 and 3 come out.
 
Price:
Ouch. I mean, I'll get it. I've dropped $125 on smaller board games before wile on Kickstarter, and when I bought into Everdell I dropped $250 for the CE + expansions, so its not a blocker for me. I am interested in what Act 2 and 3 are going to look like. Unless they are also going to be having around 6 more heroes, 40'ish new monsters, equivalent terrain, etc., they will likely be smaller boxes and less costly. It also sounds like they have a beginning and end planned out already for the game, so there will not be a lot of other content to purchase and we can just focus on getting those sets.
Also, it sounds like these game Acts are going to be the official progression of the Terrinoth storyline for a bit, so I'm really interested to see what they have planned.  

I dont mind App based gameplay
BUT
The game will only live as long as the app does.
SO
if they really wanted to alleviate any anxiety about the game/app life they could do what Return to Dark Tower did.  Guarantee that if the company every stops supporting the app it will go open source.  That way a strong community can extend the life of the game.

Who is they? I just see you speculating here in this thread as if you didn't know which is was going to be. If you remember the time stamp in the discussion I'd like to catch it, because I was listening to try to determine if they were going to be standalone big boxes or expansions and they did not specify yet to the best of my knowledge. 
But from what they did say so far, a similar release to Core Set - > Mists -> Chains would make sense, just with a more in-depth overarching story that can pull data from the previously completed campaign stored in the app (characters used, decisions made, events that occurred, NPCs that survive, die, etc.) and use those to flavor the 2nd and 3rd act campaigns. They also did refer to the Act 1 box as "this core set" at 1:16.30 which leads me to believe the others will be expansions.

one does not necessarily have to exclude the other, both can exist in a friendly way that works for each type of player. one day i want to play coop the other day i want to be overlor.  

Its a bit different style, but I think that particular character still captures the Latari archer motif in dress, fur trim and details on the leather while still adding some individualism expected of a named hero.

The style is not my favorite, but I think the artist has captured the look of Terrinoth well with this and the other shown characters as well. I rather like the designs of Syrus and Chance.
 

 
Lyssa was a half-breed Katjie, and Chance is full-blooded Hyrrinx, but I like the continued use of the extended claw weapon

Edit: Syrus's oversized glove seems out of place until you realize that it is a falconer's glove used for a freaking Phoenix. Its actually a really nice touch.

I've met people who were really turned off by Bakshi before. Some people really didn't care for Wizards or his LotR. There's no accounting for taste. Of course, it is useful to be able to evaluate things dispassionately and at least recognize skill and expertise in art even when it isn't to one's personal tastes. A lot of people have great deal of difficulty with this, however. It can help to have been exposed to art criticism before. But not everyone takes that sort of class in school.
So you often get people reacting to art that they dislike as though it is poor art- confusing personal taste with quality. It happens all over, not just when people see new boardgame art.

But, but, but... I haven't finished painting all of 2nd edition yet! And I still have 90% of IA too! *Cries in corner a little*
Super excited for more Descent, though. Hoping for a reboot of Runebound as well, but that's what dreams are for. The one thing I've noticed with FFG over the years is they use their proprietary properties to test out mechanics before releasing "improved" versions for their licensed games. i.e. Descent 2nd ed then IA. I've wanted to implement many mechanics from IA into Descent to make it more balanced, but meh, time.
I totally expect FFG to hold me upside down and take my lunch money with Descent 3, but I'm more concerned with the fun factor and if they will have great mechanics out of the gate and support changes BEFORE/AS they "fix" it for whatever Star Wars game they develop after Decent 3.
As for Co-Op/Competitive - why not both? I was so excited when the Descent and IA apps came out so my son and I could play together - and not just have mean dad attacking the heroes all the time. (Personal gripe: Why wasn't there an option to play as the Empire in the app?) It would be cool to have a scenario builder for a Descent 3 app - I've benefited from the Quest Vault for 2nd Edition and had tons of fun with community maps. Alright, back to painting. Have a great one, everybody!

Let's take a look at what we see at the sides of the box.

Here we can clearly see the wicked Uthuk Y'llan!
Specifically Berserkers and Blood Sister.
Plus we see our old friends Okaluk and Rakash which may be returning for this game (we all remember the absence of heroes from the 2nd edition box).


And this one is a bit tricky and blurry. I can only guess that there is the one and only good cowboy Steelhorns. And, the wild guess - something rides... something. Could it be the Prince Faolan himself? And I totally can't recognise the last thing - maybe its a new lore stuff, introduced in this game.



Both illustrations are stylised as stained glass, which is telling our some memorable events. You can see the similar style in Realms of Terrinoth Lore book.

Great googly moogly!!!

I don't want this...
I DEMAND THIS!

FFG, You release this for real right **** now. You already did Penny Arcade.

I dont want a 3rd Edition, i want more physical stuff for the 2nd.
A final tournament of champions box would be amazing! With the last 12 heroes and skirmish rules! Woohoo! 🤪
...and when i can wish more, a desert and a ice expansion with brand new stuff please! 😁👍