Alright, I have played it enough on PS5 to have an opinion. It could be better, but it's not a bad experience. The quality mode is sharp enough, while the performance mode is a bit too artifacty, but nothing unbearable.
Nanite is used really well, and pop in on vegetation is hard to spot without looking for it. Shadows are good enough, and the effects are spectacular (especially the 3D fog at the start).
Input lag is really good, even in the 30 fps mode, which was surprising, and not that much different from the 60 fps mode. I struggle to believe that they are using frame generation.
Some negatives: big screen filling am effects drop frames (kind of expected).
I think they are using FSR instead of TSR, which is a bit upsetting, since they cost the same on PC.
Some textures are low res.
Stutters on camera cuts.
All in all, a new UE version would push it over the line, and become truly polished.