In my first reaction to watching the trailer, I criticized the graphics. Mind you, I didn't say "they're complete [censored]" or anything that extreme, but I did say that I felt they were lacking.
Having watched the trailer numerous times since, it's a hit or miss thing for me - with mostly grand slams but a couple strikes. The environments look @#$%in fantastic! Some of the models, like the Mr. Gutsy, look great too. However, that dog looked and moved horrible. I don't care what F3 looked like. I've played Witcher 3 and Shadow of Mordor, and that dog is sub-par in both animation and appearance. Some of the humans didn't look that great either, but the animations did look a lot more natural.
It's been what, 7 years since the last game came out? And there have been new games that come out that have raised the bar for graphics and game play. I feel I have every right to criticize where it is due. Plus, in the end, I just want F4 to be the best game that it can be. I'll disagree with anyone that says it looks like [censored] both fundamentally (criticisms should be constructive) and objectively (there are absolutely things in the trailer that look great), but I'll certainly voice my opinion if I feel it is warranted and can be helpful.