the way the wolf was running in the clip with the bow was straight out of oblivion.
That's the animations, it has nothing to do with the engine.
In terms of textures, Skyrim has good textures for being shown on Xbox 360.
Here, look at the texture detail from Red Dead Redemption:
http://udgame.net/wp.../Red-Dead-3.jpg
http://www.gamegears.../red-dead-3.bmp
http://images4.fanpo...16-1280-720.jpg
http://images.gamers...1-1780_0003.jpg
Pretty similar to Skyrim's texture resolution.
I'd actually say that the landscape textures look somewhat better than the ones in Red Dead Redemption, but of course, we're also going to be noticing blurry textures more often because the game is first person (Yes, there's a third person option too, but you can play it in first person.) thus we're more likely to be examining things up close.
But just because the game isn't going to be the next Crysis doesn't mean it's running on the same engine. The engine is just the basic technology on which the game is built, a new engine doesn't guarentee the game will be a huge step forward graphically from past games in the series. And it's not like the graphics haven't been improved from Oblivion, they just weren't as big as an improvement as Oblivion's graphics were compared to Morrowind, and honestly, should we have expected that? After all, the game is still going to need to work on the Xbox 360 and PS3, while it can certainly look better than Oblivion, there's a limit to how much better it can look due to the hardware. And I'd say that the main aspects of the game which would improve with a new engine are things like lighting, shaders and shadows, for textures, it's probably limited more by the hardware the game is used on than the engine.