The animation does look a lot better. What struck me the most was the graphical leap. How can anyone say this is only a minor upgrade?
The animation looks very nice, yes.
About the graphics leap: obviously it's a big improvement over OB here. The lighting (I'm not talking about dynamic shadows) however doesn't look improved at all in some screenshots: http://skyrimguild.com/wp-content/uploads/2011/02/SkyrimTrailer3.jpg
Imo lighting is one of the most important things that makes a game look graphically beautiful. Therefore, I find that Skyrim's graphical leap isn't so big as it could have been, with better lighting. The lighting is swifting though. It does look really beautiful in some Skyrim screenshots, like the fall forest one. But in a lot of other screenshots... I'd say no.
If we also compare how Skyrim looks to other games, the graphical leap isn't very big for 2011