I continue to be amazed by the art direction and I have to agree with others that I don't really understand the WoW-references. I can, however, see the point of it looking cartoony or fairy-tale-like. But in distinction from WoW/Diablo 3/Countless others, it's not a "wacky" kind of cartoony, but a serious, "realistic" kind of cartoony.
I'm not a fan of ultra-realistic graphics, because they tend to.. well.. not be very realistic, in the end. I'd rather see a fullfilled, complete art direction flourish than to see another art direction that will inevitably fall short. Of course, art direction is one of those dodgy things not everyone will ultimately like. Some really do like Salvador Dali. Others like Picasso. I personally think van Gogh was a drug-addled hack. Others obviously disagree.
If Elemental continues on the art direction dispalyed in all the earlier screenshots, I'm going to be one really happy camper. I'm actually a bit afraid it's going to get messed up somewhere along the way. But I have faith.