Sadly though I think Ghost is going to be an odd outlier for the minimal to no UI approach (plus it's very obvious that SP designed the game this way because they were going for the Kurosawa feel and aesthetic). The gameplay and the sheer vast openness of the map and environment made it so a UI would hamper you more than help you (plus the game is breathtakingly beautiful and marring it with anything more then they did would be an atrocity). Plus, as you noted, they implemented a vast variety of things to hide what wasn't needed until you actually called upon it (I love the guiding winds mechanic and think more games need to implement something like it). Based on that little bit of gameplay footage I'm of the opinion Godfall needs a UI or they're really going to have to figure out how to implement some sort of minimalistic hp tracker because this type of game needs some way of tracking that stuff (I mean I'll dump on Destiny any day of the week but there UI implementation is crisp and, imo, the ideal way of going about a UI in a looter type game (though I don't like their quest tracker in the least as I think that's garish as hell and right in your face)).
Then again I'm still not all that impressed by what I see. It looks fun and I'd definitely be all about those dual blades but quite honestly I think it looks rather meh. Then again looters in general just aren't my thing anymore and I blame Destiny for killing that passion in me. Ever since playing it I just can't get interested or find joy in playing anything remotely of the genre (old school looters like D2 and Torchlight are exceptions because that's my jam, it's these new ones that lack anything remotely interesting for me).