Because the engine has been so much downgraded. Only art is different.
(but then if it's only art difference, why woukd they need to downgrade the engine ? Paradox ! Spacetime collapse imminent !)
The Art is better and the polygons are distributed more efficiently. For example; Halo3 master chief had an excellent model with many rounded edges, but people don't really see it as high poly because it doesn't really stand out.
So with great (clever) art the models will appear more detailed.
They increased the main resolution and the texture filtering though. This comes at a cost. Gone was the smooth 30fps update. So they had to cut some things. First the HDR had to go. Still no smooth 30fps update. Then the motion blur went.. It looked okay, until they began firing some weapons which would cast lights in previous titles. Severe framerate drops. So a restriction of the number of dynamic lights possible. Result: smooth 30 fps update.
People forget that Bungie was incredibly talented and competent, as displayed by the excellent Halo Reach. This new studio supposedly created a new engine. In that case, it's also possible that they simply are not yet skilled enough to implement all the technical effects Bungie did, at acceptable framerates.
As it looks now, their art design is what really makes it stand out. Not the use of OBM, SSAO, tessellation, true HDR lighting, and lots of dynamic lights at the same time.
Aesthetically speaking, Halo4 is the biggest upgrade ever in the series, IMO.
Compare it to Halo: Reach though on a technical level, and it is a big downgrade.