The footage of this game is a prime example of why I don't care about RT or realistic graphics. RT stops being something you notice the moment any action starts, and realistic graphics are wasted the moment you have any sort of UI. It also makes every flaw stand out that much more, like how in the alpha footage an enemy recoils from the hitscan at the same time the projectile leaves the gun. I wouldn't normally notice things like that on a simple skip through some footage.
Give me art direction that looks like an unrealistic game any day of the week, but more importantly give me games built on a foundation of gameplay rather than graphics.
I agree with everyone that said tech demo.