I was pleasantly surprised by the trailer. It looks really fun! I’m glad they didn’t try to make it serious like LOTR or GOT. That’s harder to pull off well. And honestly this feels more like the tabletop experience. They clearly worked with Wizards as well (see the video below). If Larian is smart, they are planning to release BG3 around the time the movie comes out in March.
As for Rag's question, this interview mentions Waterdeep, Neverwinter and Revel's End. All places far north from BG. Sure, we don't know the movie plot or the full plot of BG3 but based on the info we have right now...I doubt even more there will be any references between the two.