It looks like they're going with a "multinational" approach (each character class is named by their nation after all), but not a "multi-race" approach. "Races" in this case meaning humans and beings other than humans.
I saw a similar change going from Divine Divinity to Divinity II. The first had Humans, Elves, Orcs, Dwarves, Imps, Trolls, and Lizard Folk, all with distinct cultures. Divinity II just had humans. There were goblins and imps present but only as enemies (goblins also just seemed made up out of the blue, like these Ashen empire Demon guys). In the case of Divinity series if you watch the developer diaries they had planned for all the other races and regions but ran out of both time and money.
Mentioning the transition from Dungeon Siege II to Dungeon Siege III seems appropriate as well. They preserved the names (tenth legion, Kingdom of Ehb), but otherwise it could have been just any game from a new franchise. The gameplay also suffered from a general blandness and consolitis (I'm not a console-basher, I just note when my PC version suffers interface and control issues because of console development). S3 may dodge these bullets, it's too early to tell though.
Elements of either of the Dragon Mage or Battlemage are more than a welcome sight to me. Right now I see the visuals of the Dragon Mage (who joined the Hair Club for Men) and some new smoky/fire powers. Promising. Maybe the mage powers will be split between him and the Seraphim. Notice she only contributed to the fight with magic (and throwing that one guy off the bridge), and she now looks blended with the High Elf. Her days as a hybrid warrior-woman may be over.
The other character classes are kinda bland. Big dude with big weapons, the "average" woman (calling her the Ancarian made me chuckle a little), pretty mage woman (sorry all love to the seraphim but she was always kinda 'yawn'), and ranger guy. At least none look copied out of other games but I don't think they've got much of voice yet. Remember the reveals for the Sacred 2 characters? That was memorable stuff, especially seeing light and shadow versions. Now, maybe relying on crazy looks is kinda gimmicky (whoa, a cyborg Anubis?) but Sacred's all about fun and unusual character classes. S1 had only 2 humans out of 8, and Sacred 2 had only 1 out of 7. So let's hope the identities of these people from new nations that we've never heard of really get to shine through.
I'm kind of intrigued by the "outta my way" approach to coop play. The Ancarian pushing the big dude back a step as she stepped forward into the fray. The "Victory is Ours, Glory is Mine" tagline. The "Outshine your friends" bit on the official site. I'm not judging one way or the other, good or bad. I think it's interesting, and I wonder how the attitude will factor into the feel of the gamplay.