I have played the game for about 15h and love it so far. It offers a great wealth of things to explore and try out without overwhelming you. Sceneries, Dungeons are beautifully made and a pleasure to walk. It's been a long time since I have enjoyed just aimlessly messing around with squirrels and checking out small corners in some crypt or forest. Also for me the comparison to other games, be it the older BG titles or D:OS doesn't make much sense. If you want a BG I look and feel, play BG I again. I loved that game for its great writing and self irony. But to me that was just a completely different era of computer games and I even applaud a studio that goes their own way rather than trying to emulate a game that was done by someone else over 20 years ago. As for why call it Baldur's Gate if it is not exactly like the older games? Maybe because it's story is set in the area of Baldur's Gate of Faerun? That was the only reason for that name in part I and part II, same as for Icewind Dale and the Neverwinter series. It's not as if Baldur's Gate I invented D&D or the Forgotten Realms.
