It did depend on the creative team handling Thor. Kirby and Lee's JIM run had Asgard with a pseudo fantasy/sci-fi feel. Even the art for Asgard in the recent Avengers: The Origin miniseries looks more in line with a space kingdom than a mythological one. And in Avengers #1, during the oral history of the Avengers segment in the back, someone - I forget who - states that Asgard's "magic" is just off the charts kind of tech.
I have a feeling that they're going more in line with the cosmic/scifi feel of Thor than the overt fantasy and myth feel for this movie. His divinity will probably be cast in doubt by most of the mortals or explained as him being an "extradimensional being" in which the Norse God of Thunder was based on instead of outright stating he is the same god. So long as it's well made, I won't have much of an issue as I've enjoyed both takes of the character.