The game doesn't look next-generation sadly. It does look clean.
But the pop-in, flat lighting, the sprite-work that sticks out... Doesn't leave me with much faith.
In saying that, it also doesn't look bad, so as long as they nail the gameplay it might be okay, unfortunately though, first impressions last and the first impression is always going to be a visual one... Even this trailer doesn't really show the visuals in the best light.
But some of the new gameplay toys look fun.
To be fair, the game was never intended to be a next gen game, it was designed with base X1 hardware in mind at 60fps with an open world design.. which is quite ambitions for base X1.
I will assume the cost in visuals is to accommodate major events in the game as well, like maybe fighting multiple Scarab Tanks or air missions just like the original games etc.
DF said the demo isn't running ray-Tracing which we can again assume will be implemented for the Series X and high/mid end PCs.
I get the feeling too many gamers are too graphic focused these days. Halo was never a Crysis when it comes to visuals, Halo always carried great art styles and offered top of the line gameplay for its genre. Halo 4 and 5 was where 343 tried to go for the more realistic route and focusing on visuals over gameplay which was some of the major criticisms for those games at the time. Infinite seems to be focusing on what made Halo great in the first place, unfortunately that comes at a cost.
Fingers crossed we will see improvements with added Ray-Tracing if they offer it. If they don't, it doesn't bother me, i play Halo for the story and gameplay foremost so i am more interested in seeing what the game offers in those terms.