Well todd howard would disagree with you as would most fantasy authors and artists. Just. Because it has a few elements of high fantasy does not make it high fantasy. Low fantasy is gritty, dirty, less fantastical overall, high fantasy is usually clean, stylized, colorful, and the nature of the world is magical in general, which Amalur leans into much more. The amount of detail in the would of reckoning is what gives it its "soul" in my opinion many examples have already been given. The way the wildlife, creatures people behave, the vibrant lush and colorful world, the unique handcraftedd dungeons, lots of great stuff here.
However it won't be for everyone, as it probably should not be as everyone has different tastes.
Skyrim is, by definition, high fantasy. It's set in a completely different world than our own, populated by its own unique races, and governed by a different set of rules than our own world. Sure it's gritty looking, but how it looks doesn't make it high or low fantasy. Honestly, how would you classify books using that logic? A Song of Ice and Fire, for example, is described as a gritty, dirty world, and that's considered a high fantasy series.
Todd Howard can disagree all he wants, but Skyrim (The Elder Scrolls in general) is still High Fantasy.
That aside, I don't think Amalur looks soulless at all. The world looks great, especially when looking at screenshots from later area in the game. It's pretty diverse in it's locales, and I love the vibrant colour of the world.
I have no doubt I'll be completely absorbed in the world when I dive into it.
Probably the fact that the two towns we can visit (even the great mysterious Fae place) consist of 3 buildings and 10 people standing/sitting and doing jack shit.
BUT. It's a first outing in one of the HARDEST genres to nail. I'm willing to meet them halfway here.
I always find this a little offputting in games, but I understand why it has to be done. Still, that first village is a little TOO sparse. Where do all these people live? Probably at the inn, I guess.
They could make it look a little more populated by putting several houses around the village you couldn't enter. I don't need to enter every single house. (I'm sure people would complain about not being able to enter them)
They could do like Skyrim, and have several NPCs who don't engage in active conversation, but rather say random lines when you talk to them.
Still, like you said, it is a first outing, and I'm always willing to look past it. (Unless it's too out of hand, of course.)