There has most definitely been a graphical improvement, and more importantly than that it no longer looks like just another spruced up remake of 64 but an actual new Star Fox game. I am officially, finally pumped for it!

it didn't look better, stop be denial OP.... -_-

It looked better for most of the people here. 

It does look better than at E3. Not massively so, but in the same scenes (Titania and Zoness) the shadows cast by the player vehicles are less aliased.

to me it felt like they learnt a trick from Sony's book. chuck in a cinematic scene to make the game look nicer lol

I don't think so probably second half of year for West.

Looking at the gameplay sections yeah the textures look sharper and with more detail.
There seems to be some added screen-space reflections as well, which add to the immersive look of the world.

There also seems to be better AA and AF in use.

I thought it would have been out a bit sooner, but maybe there's a bit more they want to do.
4 months to go gold if it's releasing in April.

Considering I never played Twilight Princess and the new Zelda maybe I will get a Wii U next year now, I was kind of on the fence, always thought that Star Fox would be one of those games that would push over the edge to getting a Wii U, but what Nintendo showed at E3 and the lack of information on Zelda for Wii U had turned me off.

I like the additions of the new vehicles, prior to this video, not seeing much of them it didn't seem all that interesting, but now seeing that those elements could add a nice bit of variety to the gameplay it could be quite fun to use those extra vehicles.

The whole 2 screens at 60FPS isn't that impressive, considering the gamepad is a 480p image, 854X480=409,920 pixels and a 1280X720=921,600 pixels image on the big screen.
The cockpit view is basically a small duplicated portion of the main screen in many frames of your camera view, with the cockpit pillars laid over the screen. Which is doable if you're rendering the environment anyway in 3D space, not some really demanding effect.

TBH I do think the visuals look at least marginally better than most PS3 and 360 games, which is pretty good considering that this game is running at 60FPS and most games on either of those systems ran at 30FPS.
Wii U is only about 2X more powerful than PS3, it's pretty clear the added feature-set of it's hardware is making for better visuals than those systems finally.

Hopefully Star Fox does run solidly at 60FPS, seems to at the moment.

The brief bit Zelda Wii U gameplay shown looked really nice as well.

Still looks like a Gamecube game imo...

Uhhh...yeah, I guess the new gameplay looks a bit better. But the trailer posted in the OP is not gameplay. Still a sub-par looking game though.

A bit better, but still a long way to go.