It looks pretty good to me. Plus, a few things to remember.
1. ID are aiming to make the best looking 60hz game. There is no way it can compete with games like Crysis 2 scraping by at 25 hz, or even with Killzone's steady 30hz. Better to compare it to the likes of COD.
2. These trailers aren't showing off how smooth the game actually is (Carmack mentioned this himself on twitter).
3. It won the special commendation for graphics awards at last year's E3 awards (Games Critics Awards). So people who actually saw and played it were blown away at least. I have read in a few places (Gamesradar said it too) people saying that in the flesh the graphics are mighty to behold.
Did you watch the Jace Hall Show episodes that featured Rage? Jace himself said it's the best looking console game he has seen.
Admittedly this video is quite crap, but the stuff on the Jace Hall episodes looked pretty damned good.
Still hopeful.
