I think the graphics look great, relative to the hardware and the scope of the game. They're a marked improvement from IV, the draw distance is huge, and the map is mind bogglingly huge. Quite a technical feat if you ask me. People who say the graphics are poor, or the same as IV must have either taken the brown acid, or just like to complain.
The story looks like it will be top shelf (as expected), and playing between 3 protagonists will be very interesting indeed.
I'm hoping that they keep ramping up the realism in both physics and game-play. It's hard to tell if that's going to be the case looking at the trailer because it's all cut scenes.
One small gripe, is that the roads still aren't smooth, as you can see by looking at the double yellow lines on this screenshot. It must be a hard thing to do for some reason.
Other than that, I can't bloody wait.