Dunno what to think...
If it's realtime then, once again, it's impressive. Every PS3 demo seems to be doing a lot of things I REALLY want to see next-gen...but aren't present in most X360 games.
A simple bit out of there would be the scene with the water crash. You already have SM30 water going on...but the physics and effects associated with the crash are incredible and WAY beyond what we have in realtime today. I mean, the visuals themselves aren't that attractive...but if you really look at what's being done, you realize how technically advanced that stuff is and how nice it will look when it meets good art design.
A lot of X360 devs seem to be approaching visuals differently (say, a current gen game with more details and effects). The AC4 trailer is the singular exception to this. The machine is capable, but we're not seeing any major strides forward at this point.
I really hope a lot of those things we're seeing in PS3 demos represent what we will see with games.