Surely you and Laa-Yosh haven't seen the showfloor movie? You must really, really very much like this game to look disappointing if you can't see the quality of this even through the relatively low quality of that off-screen material. The waves, the reflections, the shadows (moving realtime with the waves!), the HDR effects, global illumination simulation, the translucency on the dragon (which, when it happens at say 1:25, makes the detail on the dragon a tad more visible), and the detailed animation of the dragon's wings, all stand out to me (not to mention the enormous area and the amount of things going on, the way the dragon flames light up the surroundings, etc.