It's not that the lighting itself is bad (it's perfectly good as is), it's just that it's completely static. Look at the end of the last video when the boss explodes. The explosions themselves have *zero* consequences on the lighting of the walker's model.
When looking at the video, except for the muzzle flash of your own character nothing seems to have any influence on the overall lighting.
Being the lighting whore I am, I find this very disappointing. Mind you, that's the way Insomniac's engine has worked so far, so I'm not surprised. They put a lot (as any LOTS) of polygons on screen, have some quite nice texturing, and have it all running at a locked 30 fps, but the lighting is lacking. It was the case in first Resistance and I found it very noticeable since there were quite a lot of dark environments, it was the case in R&C but wasn't as much a problem since it was a much brighter game, and it's still the case in R2.
It doesn't make R2 a bad looking game overall, had the lighting been on par with Halo 3 (yeah, I've said the H word, but H3's lighting is second to none, but of course the game is lacking technically in many other departments where R2 is a lot better) it would be a most impressive game.