It does.
It looks like Mass Effect but the action looks fun as well. But there is things like (like building and crafting) that should change it up. Bioware has done new things with sequels so let's hope it's for the good.
The thing I get from the trailer is that this game is a first person view of the information you get when you scanned planets in the first three games.
Do you remember when you scanned a planet and it something like, "filled with diamonds, minerals, rare earth metals and some sort of massive trench that looks like was remnants of a long ancient battle"...and stuff like that. This feels like your playing an explorer finding out stuff like this but from close up view.
Or at least I hope it is because I find that fascinating.