It looks a lot better than it read on paper. The psychological thriller is much more than an age old genre, it's one of the better founding genres in cinema. Everything from the Cabinet of Dr. Caligari to Woman in the Dunes showed that the genre is one of the breeding grounds for new styles and cinematic touches. I doubt Scorsese will be breaking ground the way those two films did, but this project has more potential than his last 5 films had. I liked the quality of every shot and the variety of style in the trailer. It suggests Scorsese is going to be on his compositional toes with this film. Every project he's attached to these days sounds like a variation of every other "rise and fall biography" film he's ever done so this will at least be something different. It could still suck, but I'm a lot more interested than I was yesterday.
Also, this doesn't look like the Departed. Scorsese isn't going to have to force feed his style into a muddled story that is going every way and has a million different identites. It seems tailor made for a film style the same way Cape Fear was. Scorsese should be at home here.