Funny, that's exactly what I'd refer to as not being good graphics. They're "high" graphics, but not particularly good.
It looks like they're putting far too much emphasis on the new-era technology with heat shimmers, visible shockwave "bubbles", blurs, and other high-tech (and high-processing) effects, without spending the time and effort to actually make things look good.
That's the distinction I make between "high graphics" and "good graphics". "High" just means shiny, shimmery, and technologically impressive. "Good" means that the graphics just seem to "fit", and are genuinely nice to look at.
Sacrifice, with its -by now- exceptionally low graphics, was gorgeous. I still think it's just as pretty to look at now as it ever was. That's not particularly because of any technology they had, but because they actually had lots of inspired individuals who put the effort in to make everything look good.
On the other hand, there are several high-graphics games that I think look like utter junk. Everything is just so bland and lifeless, once the shock of "OOH SHINY!" has worn off (mind you, there's nothing saying that that can't be a pretty awesome shock), you just don't want to look at any of it.
This isn't to say that high-graphics games look bad, quite the contrary. Indeed, the level of technology and the level of aesthetic quality are almost completely separate from one another. There are plenty of low-tech games that look really bad, and plenty of high-tech games that look really good.
I'm really hoping that the screenshot they've provided is either taken from a bad angle, has been "tweaked", or is just from a very early version and that they're going to make quite a few changes in the overall graphic style before it comes out.
I don't have high hopes for this, but I won't just excommunicate it without good reason. There's always a chance...