The Devil is in the details. As such, there are major key improvements above and beyond the obvious incomplete graphical upgrades. Just to point to one would the upgraded interactive animations.
Also, I can see how the PS4 can render those E3 visuals real time w/o a shadow of doubt. In cutscene all the elements are accounted for and so whilst not prebaked the lack of unknown variables allow the engine to be pushed to max capabilities at a given framerate.
As of now, LoD shifts and lighting need some work but it's a pre-alpha at best atm. The lighting in general looks a notch above anything I have seen on consoles thus far barring The Order 1886. Also, being cognizant of the fact that the visuals would look far crisper if it was not severely compressed helps; the IQ looks astounding regardless.
After all is said and done, the game looks phenomenal and I'm keen to find out about his older brother.