That looks visually really good. Texture work and lighting in particular was absolutely amazing. Level of detail in the photogrammy is very high and crisp as well.
I dunno if you can really judge the "gameplay" as there wasn't much to do there (it's a demo after all). Looks like it would be fun enough to play. The actual gameplay doesn't look "next-gen", just a prettier version of stuff we have currently, but the same could be said for the games on that Inside Xbox stream as well. Doesn't mean they can't be fun games. (Also I think it's worth asking what people even consider "next-gen" gameplay anyhow, because it's kind of built off the false premise that something needs to be new to be good. That simply isn't true).
Hopefully this should put to rest any concern-trolling regarding PS5 visual capabilities; it's going to be a beast of a performer with the hardware packed inside!
Oh and also: Sorry Geoff, your shit got spoiled son xD