The question of genericness is easily muddled by excessive argumentation, and I think its negative connotations are exaggerated in the minds of some some. There are multiple definitions of "generic" that fit the context of computer games, and yes, I'm taking these from Merriam-Webster Online:
relating to or characteristic of a whole group or class
having no particularly distinctive quality or application
The first definition absolutely applies to Project: Eternity. As is the case with hundreds of games before it, P:E is clearly faux-medieval high fantasy and will feature races, monsters, items, architecture, backdrops, tropes, a pantheon of gods, and even game mechanics that have been done before in some form or another. In this sense, the game is definitely generic. A passing glance at a P:E screenshot or piece of concept art will immediately convey to the initiated what kind of game it is, generally speaking, and the similarities between it and others of its ilk should also be immediately apparent.
However, Obsidian are certainly taking these generic traditional elements and putting their own unique twists on them, in order to be as original as they possibly can within the constraints of medieval high fantasy. Yes, the magic system is designed differently, but unique magic systems
in themselves are a fucking staple of high fantasy games. Arx Fatalis' rune-tracing system is a good example of this. The pantheon of gods and how it operates is fresh with an original backstory, but a pantheon of gods in some form is, again, extremely common in any fleshed-out high fantasy setting. The same applies to races, monsters and so on that are being given a twist.
So I'd say that Project: Eternity is absolutely generic in that it's quite characteristic of its class, although it does seem keen to distinguish itself with new ideas and twists on these generic elements. OF COURSE they're trying to distinguish themselves. And just being generic in some way doesn't mean that P:E will be a terrible game. Really now, the entire idea behind this project is to bring back the good old days of cRPGs. Baldur's Gate was generic as fuck, but most of us all loved it, even many of those who claim not to for extra Codex Edgy Points™.
A game can be generic while also distinguishing itself in important ways, and still being a good game. I think P:E is generic, but I pledged $250. However, games with more exotic or outlandish settings that depart from the norm significantly and are rarely seen can and should be distinguished from their traditional counterparts.