My problem with it is that I don't see anything exciting and especially nothing new. We had graphics like this years ago (Crysis and Alan Wake come to mind).
Yet there are responses along the lines of "I can't believe this isn't reality!".
Either I'm not seeing something everyone else does, or people just believe whatever they're told ("this is uber next next gen!").
Somehow I'm waiting for a press statement from Square-Enix like "Haha! This is actually from our shelved PS2 game! So graphics aren't important after all!! Point proven!".
Can someone shed some light on what the hype is all about and why Square Enix chose to present their new engine this way?