Don't know if anyone else have noticed it, but there a few things (not graphical) that doesn't make sense in the http://www.gamereactor.se/media/59/elderscrolls5_235967b.jpg
1) The water doesn't reflect any lighting beneath the rock, leaning above the water in the middle. It shouldn't be that dark beneath it.
2) Grass grows out of "nowhere" near the shores, and it doesn't make sense or look believable.
3) A firn plant is clipping through the rock to the right?
4) The water isn't as shallow as it's supposed to be near the shores
5) The rock leaning above the water in the middle doesn't seem to reflect in the water?
6) The waterfall is clipping?
7) There is no "foam" at the end of the waterfall
8) The rock leaning above the water in the middle cast a shadow on itself, but not on the ground? Therefore making it look a bit weird with such a big destinction between lightness and darkness.
1) Well the lighting is toned down in that picture, most likely in an effort to conserve processing.
2) Possibly just a quick build and they will come back later in development and clear out foliage that doesn't fit. The terrain may not be generated by grassy foliage like that is, otherwise it is massively time consuming and annoying to trying to hand place all the foliage in a giant world. (trust me.....it's annoying)
3) Possibly. Probably also a generation mistake and will be cut before it is shipped.
4) It's shallow. You have to look at the orange band around the shore (also realistic as deposited clay, I give props to the devs for that detail). It probably doesn't look shallow if you don't look at it just right because of the opaque water due to having lower quality water effects as it is on the console.
5) It does, just not very clearly, also a reduced water effect. Quality reflections in the water are a big process eater so they would really have to tone it down.
6) Don't think it's clipping. They announced that they had realistic water physics in Skyrim so it is probably just spray.
7) Also probably a water effect reduction for the console.
8) Not sure how to explain that one, probably still something to do with console settings.
You made good points about what you saw on the picture but I really think they are just issues in development right now and/or are just the quality reduction needed to keep Skyrim within reason on the consoles. PC should work out just fine.