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Eh, they're definitely trying to copy Seiko because they have probably seen the same market research that says they're fucked if they try to compete at the entry level or with the Apple Watch.
The movement is interesting in some ways (free sprung balance) and less so in others (unidirectional winding mechanism copied from a Miyota) but because they don't have Seiko's long history of expertise in designing movements they had to buy La Joux-Perret and get them to do some of the work. Grand Seiko productionised an entirely new escapement design this year. That's a really big deal.
It's impossible to say whether the Citizen is worth the price from the press pics but if the bracelet is up to scratch then possibly, yeah. The applied logo looks a bit crude (like lower end Seikos) but maybe it isn't IRL. I like the design FWIW.
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Regal
Spark eroded?
Looks like they try copy Seiko with the Ponzi price hike. 😎