This game can very objectively be crowned the best looking game of the show. It doesn't do anything completely unimaginable or never-before-seen, but everything it does it does extremely well, and nothing looks rough.
Some people are unimpressed probably because they are over-analysing single aspects (how high is the res of those textures? / Where is tessellation? / I don't see billion poly models / Smoke is sprite based)
This game doesn't do any individual thing in an out of the ordinary way, but it combines the best of everything in one single showing.
It's nearly impossible to point a overly blurry texture over there, nor too obvious tiling or repetitiveness. There are in fact very detailed stuff in there, like the snow patterns on asphalt, or dirt inside the corridors, and few games do those effects without them looking repetitive. There are all kinds of litter everywhere, and every environment has great variety and quantity of fully modeled assets, many very area specific, in a huge environment on a supposedly open-world rpg game. Characters have pretty much every detail of them truly modeled with polygons. Tessellated or not, there are no flat normalmaped stuff to be talked about here. There are dynamic reflections at work here, at one specific scene, when he picks up the plastic bottle, reflections on both the ground and on the table he got water from can be seen, leading me to thing they are screenspace, but they have good work-around solution for stuff out of screen because of the moment the main character looks at his watch right in front of a big water puddle on the very beginning of the demo and reflections still hold up pretty well.
Light shafts seem to be done properly too and not just faked in screen-space, both in small scale scenarios (light coming from the window on the building's inside) and large scale (sun light scattering through the city's fog being properly shadowed by buildings in some of the outside scenes). SSAO is also present, but ver subtly so, it's hardly an anoyance. There are many dynamic shadowed lights, and those are hardly ever blocky or saw toothed. There are some cloth swaing in the wind here and there (multiple plastic bags flapping around in the wind can be seen throughout the demo. Particles are very varied, and despite things like smoke not being true volumetric fluid sims (an unrealistic expectation for this gen really) they are so convincing you'll wonder why one would need that anyways. Every smokey or fire effect probably has dozens of overlapping animated billboards, very fluid and organic. So is the flow of snow flakes, sparkles from gunshots and whatnot. They are propelry lit and shadowed, they animate, and there is a great variety of them too. Bullet decals on glass and on the billboard do leave true see-through holes in them. The concrete barricade is chipped away by enemy fire in very small pieces rather than huge chunks like in most games. All that lit extremely realistically, which probably demanded very careful study of the parameters of all sorts of different surfaces for proper shading, and a very good HDR phisically based lighting model and great tone-mapping and post. Add to that very fluid animations, with npc's, dogs and rats adding to the ambiance, and small touches like the closing of the car door.
As I said, none of those are first timers. Each of the things I pointed have been done by one or two games before, but they never had been seen all used at the same time during 7 minutes of gameplay. We don't realize how much current games make themselves look better by simply avoiding difficult subject matter, like the thin smoke in the asphalt, big piles of trash on the streets, lengthy unboscured city blocks (very occlusion culling un-friendly) un-generic assets. There is a lot going on in this demo, but it's not in your face, so I guess that's why many don't get what the praise is all about.