I'm not talking about cartoonishness. Uncharted 3 was even more cartoony, and I think some environments on that game achieved better lighting and material consistency than what's been shown on UC4 demos. They are new to this level of fidelity, and to all the diferent stuff their new engine is doing. Some stuff ends up looking out of place.
The game is far from release.
I'm very impressed by the framerate at such an early stage of development. Even their first presentation was very solid :
For the moment, i would say their AA solution produces too much artifacts. The first presenation was better on this point.