I think the main reason why people think the game doesnt look impressive is the interior of the cars.
Leaving that aside, Im very happy with how the game looks in motion! I cant wait to see how it looks on my monitor at 720p! All the talk about force feedback is driving me nuts! I am so happy knowing that I'll have a wonderful esperience with the wheel in just a couple fo months....
Oh, and go to the 21:10 mark on the video and see the weird thing that happens to the Ford Focus... It's like a mess of geometry and weird textures once the BMW hits its front.