I've been looking at that "CGI-quality" guys links to the videos. These are no doubt high quality representations of what the final game will look like.
They dont look bad in terms of complexity(effects, polygon count etc.) They do, however, look stiff in regards to facial expressions - especially the lead. The reason people say this is'nt as good as they where led to believe, is really simple. When the quality of the models, environment, effects etc reach an almost photorealistic level - the animations, voice work, editing etc have to look so much better as well.
This is where Heavy Rain fails hard.
Becouse of the complexity of models and environment, the poor animations (especially facial animation) brings this game down so much harder than it otherwise would've.
That being said, and considering this game is far from finished - I have little doubt the developers will improve on the shortcomings of its visual representation. As I said earlier. I know what they're trying to do here and I have no doubt the fans of Fahrenheit will love this game.