It's the 2017 and 2019 manifestos as filtered through 'what can we actually achieve in one Parliament?'. My personal gripe is that means doing no more than laying foundations for universal services, although I appreciate the focus is really going to be on the economy and environment, and we're still at the 'how, practically, do we replace Universal Credit?' stage years after deciding it needs to be replaced (although that's not purely on Starmer, or Reynolds). It's generic in a lot of ways, although many of the policies are the same as Corbyn grabbed hold of, and I'd question some of the stuff around localism for all the 'look at Preston!!!' stuff which goes on. There are limits to devolving power which the soft left (generally) don't want to acknowledge - think of what happened when crisis loans were moved to local councils overseeing them. It's the old critique that it's mistaking something very different for people being well disguised communitarians. So it's no surprise Starmer somewhat glosses over just how that giving power to local communities is going to happen.
So, yeah, I'd agree it's a bit milquetoast and a bit staid. Worthy and things in there which are worth pursuing - following through on Marmot's work in particular is where a Labour government is going to be able to do a lot of good things. Against that criticism of it hardly being a revolutionary tract, it's worth pointing out that overpromising and a perceived inability to manage the economy appropriately are two things Labour has to convince the electorate they've sorted out. edit: And it's definitely worth highlighting that the audience for Starmer's message here isn't just the Labour membership, and he's not trying to make them (us) feel all moral and virtuous for voting Labour and having a revolution or whatever, he's clearly modeling how to approach ex-Labour voters who switched to the Tories and doing it in a very different way to how we saw in the past election.