Can't say I'm overly impressed, I've definitely seen better on consoles. Maybe the engine is rushed for GDC showcase but atm, it looks very rough. Would like to see some direct feed from crytech.
Direct feed doesnt help it. If anything, it shows the downgrade more clearly.
http://ve3d.ign.com/articles/news/45678/CryEngine-3-Tech-Demo-Trailer
(IGN also have 720p wmv if you are an Insider).