I'm choosing to remain optimistic about this.  It has a great cast, Abrams is a more than competent director (who has already admitted being a much bigger fan or Star Wars than he was of Star Trek) and with Lawrence Kasdan writing (co-writer of Empire Strikes Back, Return of the Jedi and Raiders of the Lost Ark) I'm sure we'll get a worthy follow-up.
Thank all that is good that frequent Abrams collaborator (and all-round terrible screenwriter) Damon "Plot holes are my jam" Lindelof isn't involved in this, otherwise I would write it off immediately.

Of course, despite all that it could still suck terribly, but I guess we'll all just have to wait and see!