My impressions:
I think the distant landscape looks gorgeous.
Overall the graphics are pretty nice, minus the water and the texture resolution. Albeit texture resolution may be better on PC, but I wonder whether they really mean highres textures or simply a higher resolution possible on PC. The waterfalls in the caves look pretty good, but the waterfall in the exterior looks pretty crappy, the normal map and gloss make it look very unnatural and not on par with modern games at all.
The towns don't look
that big, but it's hard to say since there is not much footage.
I love the windmill and how the world feels much more lifelike due to features like this - something that was really missing in Oblivion. Hope they will have a lot of different things similar to that, for example working farms, mines, woodcutter camps, quarries etc.
Animations seems to be much better as well. I'm especially looking forward to more varied idle animations, which again makes the world feel more lifelike. For example the old woman leaning on the fence in the part where the hooded character walks through the village or the musicians in the tavern.
Shadows are great as well of course.
And is there some kind of DoF in the part where the character is standing on the edge of a cliff while being attacked by the dragon (seen from the viewpoint of the dragon)? Or simply motion blur? To me the cliff and the character seem to be more sharp than the background, but not sure about it.
Overall the graphics look better than I feared and worse than I had hoped for. I'm not blown away, but I'm certainly not disappointed either. The other features (living, breathing world, animations) are just as important anyway, and they seem to be great.