Lead programmer at Naughty Dog has that to say 

Although I won't lie, I don't see it getting noticeably better, we're reaching such levels of visuals here, that anything besides a really big change won't be noticed without a direct comparison. Drop the framerate to 30fps in their next game though, and we might see some magic

I remember being very impressed with U1. It looks really bad in the pics wow.

I doubt we'll look at this 7 years from now and say this looks crap. You can't get more real than real life, and this looks pretty close to real life. And I also doubt developers will want to improve visuals in terms of character models. They'll most likely just improve on other things.

I hope the E3 build showcased remains this good at around release.

There are still so many imperfections that can be pointed out by the trained eye...well for the current hardware and ND's word that the segment was in-engine, those imperfections are easy to ignore and would be nothing short of an amazing feat if pulled off.

I don't see it, it looks like you just copied the same pictures.

...

Seriously though, that seems like a big jump indeed. However, to be fair, Uncharted 1 improved significantly until release and it's unlikely UC4 will improve that much from what they showed. The fairest comparison if you would be comparing generational leaps would be to take screenshots from the finished games of course.

Why ? Given what glimpses Killzone showed and then Infamous in a open world game.  Its looks like a to be expected natural progression of time + Worlds best dev not a middle of the pack one.

Which silly website called this CGI ? !

Wow that's an insane difference! Its funny because back when Uncharted 1 released it was one of the best looking games on any system now it looks so dated.

I don't know where you look at, but that's certainly not the consensus anywhere.

It's been confirmed by Corrine Yu that this footage was captured on a PS4 running those graphics in real time.