Me three.

So Street Fighter V looks the same as Kingdom Hearts 3 which looks the same Arkham Knight, which looks the same as Rime, and all those games look lifeless?

UE4 is really powerful, a lot of these type of demos are just limited by the art capability and resources of the people doing them often. Unreal engine 3 wasn't as versatile but UE4 is much better at delivering different artsyles.

Link model looks out of place in the environment, and for some strange reason I'm reminded of Counter Strike when he goes near the bricks

Since Wind Waker was revealed, each console Zelda entry has been criticized for its art. Wind Waker was cited as being too cartoony. Twilight Princess is seen as too dark and dull. Skyward Sword is viewed similarly to Wind Waker, with some people being even more harsh because they see Nintendo as having not learned from the reception to Wind Waker. As you already mentioned, even what we've seen of the Wii U version has come under fire from some people, though, personally, I'm just happy to see Nintendo finding some consistency with their art style. It was starting to get silly that every game was an experiment.

I think the cameras way too close to Link. Everything looks cool but it needed more background noise (towns folk), it looked "lifeless" in that regard. With some tweaking it would look exceptional. Oh and Unreal games do not look the same, that's silly and childish and typical rhetoric Id expect from certain individuals. Kingdom Hearts 3 does not look like Infiltrator and that does not look like Tekken 7 either.

This is a perfect look for Zelda, with some tweeks of course. Love the link model.

This is what I was going to write. thanks for saving me the effort.

Lifelessness probably comes from using modified stock assets and such.

In first part of sentence you mean if Zelda isnt Nintendo IP!? In that case Zelda would surely lose own identity and it felt more like all other games on market. There is reason why series constantly have very high quality for 30 years.

Even Nintendo have console powerful like PS4 it wouldnt go for realistic graphic, because they always go with different and unique things for Zelda games, that espacily goes for art style. With PS4 hardware we would probably get 1080p same Zelda U graphic instead 720p on Wii U, but I think even with 720p Zelda U looks great.

Saying that, I would love to see OOT remake with similar look like this (but with little more art style and soul, this looks too sterile) beacuse OOT have similar art stlye, but definitely preferring Zelda U art style over this.

Of Course not, model of characters do not equals soul of Zelda graphics and game itself.