Woah. I hope the gameplay isn't as bad as the graphics!
I bet it is.
You couldn't be more wrong! I am blown away right now. It is so much like Armored Core if it were an MMO. The world is colorful like any Phantasy Star game, there are actual characters and dialogue, It's got PvE, and the PvP is very similar to Square Enix's Fantasy Earth Zero (an underrated faction based territory-war MMO).
Seriously, I expected some light fluff, but this epic. Here, skim this page http://forums.somethingawful.com/showthread.php?threadid=3315208&userid=0&perpage=40&pagenumber=1
You can put your own textures onto your mech.
Also, the PvP supports up to 30v30, meaning the low poly models aren't simply from a lack of effort.
Just to be clear, there are some crazy Gundam looking mechs out there. You just start out with a cutesy little noob bot.
Also, about the 3D models... you can modify the polygons. The low poly graphics are taken full advantage of here.