Polycounts are not high. Some of the monsters have decent polycounts whilst others have some very visible polygonal edges. This alone wouldn't be a problem, it wasn't for the environment which is
extremely low poly. Buildings have little geometric complexity and I don't even have to mention the landscape. In short, each scene is low-poly. Draw distance is short because almost everywhere you look there is a wall of snow / white fog or a hill blocking the view.
Textures are average. There are some decent looking ones whilst others are quite poor as was pointed out.
I'll compare this to Devil May Cry 4, which is allegedly running on the same engine. DMC4 has higher polycounts and better textures.
Look at the monsters, Nero, the enivronment, and the textures. There are simply more polygons being pushed around and textures are better although lighting is also prebaked. It's not particularly visible here but the view distance is also quite high in this area. Frame rate is 60 or 100 fps or whatever Capcom claims.
Which actually helps prove my point: that it's technically average.
Errr... I've seen that video and I see the same 'flaws' I'm talking about here. Low polycount and low draw distance. I won't make any comments on the textures there because the video isn't great quality and the motion blur gets in the way.
Like I said, I still think the game looks great in motion but I don't see how it is anything more than technically average.