Seems like the release video shows the fly spell (timestamp 1:01). If that's so, fly looks a lot more like Feather Fall than full-on angel wings.
It will probably work like in D:OS2 - you hover over the ground not interacting with surfaces, and you will get an extended “jump”.
Personally, I don’t mind it. While it doesn’t quite sell the fantasy of flying, it also ticks off most boxes I would want from “fly”. That is definitely one of those things I am more then willing to let slide.
It very much depends on what type of action this "extended jump" is. Is it a free action that can be repeated multiple times a turn (using movement)? Fine.
Is it a free action that is restricted to 1x/turn? Not great.
Is it a bonus action? Terrible.
Regardless, I doubt I'll ever use any of these versions spell in combat, since our characters wouldn't actually be able to gain altitude. Without the ability to become untargettable by ground-based melee attacks, it just wouldn't ever seem worth it over other concentration spells. As @Maximuuus says, the Jump spell seems like it'll be a superior option.
