On visual talk, this is me spitballing, but I suspect graphically it'll look either around or better than RE5 (though a weird comparison since RE Engine & MT Framework had different "looks", but I hope you get what I mean). The RE Engine base version's issues with Switch I've heard has a lot to do with the Switch needing to switch rapidly between two resolutions for docked/handheld, and just some specific features it has some issues with.
So if you're fine with a game around and a bit above RE5 level graphically, but with some of RE Engines strengths, I think most won't be too bothered. This is me spitballing a bit (I haven't seen the game in motion or anything), but I think it'll be a pretty good looking game. I'd even bank that they want it to be one of the nicest looking Switch games.
I imagine they'd also have more freedom with environments and whatnot given how much better the Switch's I/O is. SD cards and 3.2GB of RAM vs the 360's DVDs and half a gig of RAM. Not sure about the RAM speed comparison.