I'm also a little miffed that this won't be following up on the first game at all but so long as it still feels like a game that fits into the created CVGE universe, and the plot itself is good, I'll be fine.
I think they could save this game by using the time travel plot to set up for God Eater 4 or some shit though. Maybe show us exactly how the world went from Revenants to God Eaters.