This is such a weirdly inconsistent rendering setup. Dear lord that hideous specular term, no displacement, primitive materials on world objects. Nice facial rig and detail, though. Eyes are done fairly well, ambient occlusion and what not in mouth is tragic, very little appearance of subsurface scattering.
using technical terms won't make your post look less wrong than it is
Actually, no, there's some truth to your post. When you look at the trailer closely, and pick things apart, you really notice that on a technical level, it's really not far from what current gen consoles could do, but everything is so balanced and works so well as an ensemble.
I used premiere to grab a few snapshots from the direct feed non-youtube IGN video.
It does have the best skin and hair (and teeth) that I...no, WE have ever seen, at least in similar lighting conditions
i find the way light behaves when it gets behind this guy's face particularly impressive (that's why i'm not putting this in quotes

)
Teeth, and the way (subsurface scattering) hair shines around the edges when lit from behind. Absolutely spot on.
it's true that when you remove the specular and see things under a more traditional lighting, you start seeing what corners were cut:
plus motion blur and dof do a great job at hiding a lot of shortcomings. I really start seeing how something like this could indeed be running on current gen hardware.
now, when you remove all smoke and mirrors, that's what you're left with.
rather poor geometry (even very poor, look at the chopper) and very basic backgrounds.
Snake's model itself isn't too poly heavy at all.
Next frame, motion blur and dof suddenly kick in, and the overall visual effect is already a bit different
Btw, i don't know how can some of you think Snake has grey hair here. It's greying a bit at most. This is exactly how your hair in the dark would reflect a harsh, cold light source (like a lightning). Hair does reflect light, and they nailed that shader perfectly.
It's like some of you guys never observed reality.
As for snappy animation, you guys have to realize most games have them, because you -the gamer- want the character to react as quickly as possible to your inputs.
Chaos theory has a very different flow; it's a great game, but it's a lot less responsive than mgs games. Having to wait for Fisher to go through all his animation frames when he crouches or puts his back against a wall works well enough at SC's pace, MGS -most japanese games, actually- is different.