I said as much in here earlier; a lot of people are giving this demo shit, and can't even appreciate all that is going on here. It is absolutely next gen stuff, and downright amazing for something so early.
There is nothing next-gen about it.
The 2 impressive techniques that they have in their engine that they use are:
1) Incredible ambient shadows that destroy the approximation of HBAO. Was used last gen on PS3.
2) The dynamic GI flashlight. Completely superceded by the completely dynamic GI engine in Alien:Isolation (it's a next-gen feature). Flashlight also done in TLOU last gen.
All the other subtleties that you see, blood on nose, movement through foliage, deformation of objects, water interaction for wet look, etc.. all done before -- just not at one time. ND is very talented in using resouces for subtle things like this. I like that. But I wouldn't take away the work from other studios that have done these things one way or another.
Also, this early build and within one year will look like computer CG has to stop. The main components of the game have already been developed. We can say the same thing about every other game that shows at E3 a year before release. "Man, if they have this much done so early, it'll be even MORE impressive when they ship!" It's cliche.