I think some people are forgetting that X is still deep in development. The trailer probably only consists of gameplay elements because Nintendo rushed Monolith to throw together a trailer in time for an urgent Nintendo Direct. I mean, you wouldn't expect a typical reveal trailer to name the lead character "Tester". There's also a lot of inconsistency with the environments, which screams 'still in development'.
I wanted to point out this GIF specifically:
If you look at the first sword swing animation, it's immediately apparent that it's a placeholder. Only his upper body is moving, the bottom half is completely still. There's also no smooth transition to the next attack, which even Xenoblade had. Another oddity to point out is the particle effects throughout the trailers, which are also low quality compared to almost everything else, meaning they might also be placeholders. There's still a while to go in this game's development it seems.
With that said, it's also one of the most impressive shots of any console game I've seen. The foliage is high quality and alive, the enemies shadows are soft, the models are insanely detailed and the draw distance is top notch. There's nothing to really fault here. It certainly has that next gen feel to it.
The backgrounds also look incredible. If it's anything like Xenoblade, chances are they're not just props, but actual explorable locations.
It's hard to compare with a game like Skyrim and RDR, since the art direction for the games are on opposite ends. I prefer the foliage of X over the foliage of RDR, but that's a matter of preferences since the foliage is
meant to look more lush in X. Skyrim's foliage is worse than both RDR and X though, since it's not as dense and it doesn't draw foliage too far off into the distance.
If X manages to keep a steady framerate at 720p while preserving the insane draw distances and large worlds of Xenoblade, I'd personally rate it above any other open world game on the 360. But this argument matters very little anyway, since 'next gen' or not, it seems the vast majority are satisfied with what we have here. It's going to be an amazing game.