From the very first 'teaser', yes it looks worse. But still, in the gameplay video it's all very impressive.
Even though the most recent video "dragon fire" looked like it was simulated at ~20fps, the impressive thing was that players could throw tornado spells and redirect the flow of fire.
youtu.be/07S6rFgOSdg?t=841
But game was sent to heavy retooling, who knows what is its form now. Tech demos were awesome, who knows if we will ever see that kind of quality ingame
youtube.com/watch?v=DX0gaUOR1xY