So after trying it for myself, what a load of bullshit all the hype has been. It looks great on screenshots or when you're standing still, but during actual gameplay the visual noise, artifacts and gliches are really, really bad. Moving the camera fast will leave black vertical lines or weird bright colored dots while the scene slowly fills in, character clothes are often messed up, there's weird disocclusion issues when characters stand behind objects while thin fences look like solid objects that also emit light. It's also very common to see pink/blue artifacts appear just about anywhere, shadows appearing and disappearing right in your face or entire trees out in the desert coming in and out of existence next to you while you drive.
No argument that the technology is impressive, but it's not quite there yet or perhaps we still need orders of magnitude better hardware to make it work as intended. Of course outlets like digital foundry will hype stuff like this like the second coming of christ wthout mentioning any of the numerous issues present. After seeing all the praise from the media, screenshots and people here swearing how it's the best looking game ever, I was very disappinted.
Sometimes I feel like we are impressed because we are told to be impressed and it says "max" next to the setting in the options.