I agree that from the very brief clips we've seen, the game looks just like a more polished Banjo-Kazooie game, which is great. I am concerned that this very specific, very meta plot puts an awkward, clunky constraint on the universe Yooka and Laylee live in, just because the developers are (rightfully) salty.
Conker for the N64 was meta as hell, breaking the fourth wall every couple of minutes, and it was more cringe-inducing than funny most of the time. I have a soft spot for its ambition and intent (a "mature", irreverent cartoon take on Gulliver's Travels), but it was very unfocused, even boring for long stretches, imo.
All Rare games (the ones with squirrels and monkeys, anyway) are silly, but Banjo-Kazooie kept us roped-in despite its absurdity and silly villains b.c. we believed the stakes were high for the duo throughout the game. I have not seen anything yet that suggests Capitol Bee 'converting the world's literature into pure profit' has any direct consequence for Yooka or Laylee that the player can sympathize with. Remember Gex: Enter the Gecko? What was that game about again? His tv broke or something? The manual was a funny read and all but after a while, I couldn't think of a single reason for a gecko on the verge of insanity--or myself--to go on another minute collecting 120 knicknacks.