Visually things are a bit better in this trailer than in the gameplay demo during the live stream. 343 has confirmed the gameplay demo is from an older build. I honestly can't fathom why they didn't record a new gameplay demo on the latest build. 343 is most likely scrambling right now to fix as many of the complaints as possible by launch. While I wouldn't call it next-gen looking, the beginning cutscene with Master Chief and the pilot looked fine enough for me. For the main gameplay the lighting, pop-ins and the facial animations, especially with the brutes, is what they should focus on. Halo Infinite will be using real time lighting as it has a day / night cycle.
Digital Foundry did a good breakdown: