That's exactly the point though. We're not discussing possible graphical advancements once it releases, we're talking about what we see/know right now.
And I agree with ninjablade's point as you can see in this thread that many think that the current X footage is setting new standards.

Doesn't matter if he uses a Neogaf source to prove his point as you can clearly see graphical shortcomings with your own eyes. The screenshots/gifs don't lie. The game looks good, no doubt but that what we saw would definitely be possible on PS3 at least and most likely 360 too, especially when you consider that Final Fantasy games are on par with it already.

Also would you and ninjablade please cut down the quote trees ? It's really not that hard.

Looks nice but a video would illustrate the point better than a picture ever could. I want to see the value of scale, graphics and animations.

True. So many "this game runs at 720p/1080p" statements that were proven to be wrong after release. Many doctored screens that completely removed all the jaggies and the final games looked like a stairwell.
Obviously there's also the possibility of a better looking game.

remember MGS2 and Kill zone 2, first pics released, everybody is like ok, that's looks nice, then video is released, peole were blown away, especially MGS2, probably the most impressive trailer for a game ever, and the first pic looked no better then shenmue but the video blew it out the water.

we need to see more before, its looks very early, game can look better or worst, i guess they will show it at e3, but honestly there is nothing mind blowing in the trailer, for people to say its nextgen is just hilarious.