I think it looks incredible, but I also agree that it hasn't obviously exceeded the competition in any respect beside animations, and is instead simply up there with the best of them (HZD, RDR2, UC4, Gears 5, FH4, God of War, Detroit etc). That said, the game is still 5 months out, and given polishing is often the final stage of development, it's too early to judge.
For me, Horizon Zero Dawn/Frozen Wilds is actually presently still the best looking game this gen, which shouldn't be too surprising given I also thought KZ2/3 were the best looking last gen. I just find that GG marriages a perfect blend of tech and art that simply appeals to my preferences more than any other.
Death Stranding is going to surpass Horizon graphically for sure.
Some of the environments in the trailer looked much more impressive than what was shown in the gameplay footage here. But I also think Death Stranding is the wild card...The terrain rendering is just...superb, as are the character models. Now if the lighting is dynamic then I think it will overall take the crown from RDR2. I still reckon TLOU2 when all is said and done will be as impressive in its own right, but I am really liking what DS is doing, particularly the environmental transformations. Of course, FFVIIR is looking to bring it on the spectacle side of things. Some great looking games going to hit in the near future!