The animations (particularly enemy animations in response to hits) are the most impressive. Graphically? It looks like a slightly improved Oblivion. While the models are crisper, the lighting is still over saturated.
I wish they had tried to diverge more from that, and gone for a darker, grittier world. Maybe they don't want to look too much like Gothic and Dragon Age, but right now they are straddling between those titles and more stylized, fairy tale fantasy like Fable.
Of course it looks like a slightly improved Oblivion. It's the same world, I think it should have elements of Oblivion and Morrowind in it. And each title that comes out in the series should continue this trend but should be an improvement over the previous one. Gears of War 3 is an improvement over 1 and 2, but I still enjoy playing the first one and still think it looks pretty darn good. Same with Morrowind, I can still pop that game back on and while the graphics are now sub-par, they are still very scenic and nice to look at. Gothic has steadily improved from 1 through 3. I played the Arcania demo on 360 and wasn't too impressed. Seemed to have a very poor framerate. I'd say Gothic 3 was on par with Oblivion, graphically. Fable is a totally different art style...more cartoony to me. As for Dragon Age, I loved the series, but graphically, I'd put them somewhere between Morrowind and Oblivion, and Origins came out like 4 or 5 years after Oblivion or something. Dragon Age: Origins is a great example of how a great story can make up for sub-par and bland graphics.
All this taken aside, this is a thread about the quality of graphics in Skyrim. So here's my take on it. Leaving out PC hardware as well as PC mods and downloadable texture packs, until we see some new console hardware come out, game devs are unfortunately going to be limited in the level of graphics in their games. I'm sorry to say this PC users and I feel you are justified in your disappointment (bearing in mind that I am a console gamer), but VG companies are going to develop simultaneously on multiple platforms to increase revenue, so until new console hardware comes out I feel that gamesas has created a visually stunning game based on the old hardware they've had to work with and the myriad other things they have going on in their game.