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Looking at the screenshots, it doesn't look like they are not aiming for milking processing power, they are morr worried with a pretty enough look, i would even say it looks more like an late ps2 game at HD or early ps3 game.

 

If this is so, making a game that looks more like a late AAA ps2 games in HD should be much cheaper now, I don't know if 2 million would be enough, but I also believe having OK graphics at ps4 shouldn't be 100 million dollar like some claim.