I don't know why, but these kinds of graphics don't really amaze me anymore. It's the same thing when people went insane over the first Doom 3 media a few years ago, it seemed like everyone except me went nuts.
It's just that I find it quite unlikely that most current hardware setups are going to be able to render that at a steady ~40 fps at 1280*1024 anyway.
It's just like saying, "This is what your hardware will be capable of running in 3-4 years", and I find that a completely logical and understandable progression. Nothing to get amazed about, really.
I don't really like the unambiguity that these shots have either. Now you won't be able to get away with 512*512 textures. Every single detail will have to be modeled. This'll mean that while a level that for takes 15 minutes to play through can be modeled, textured, lit, populated and scripted in I'd wager 3-4 weeks currently (for a full-time professional team), it'll take FAR longer to develop if games will be required to look like this in order to sell. What will this lead to? Longer, more expensive production time, or more short 15 hour playtime games. It's going to polarise into longer development time vs. shorter games even more than we already have today. What was the budget for the development of HL2? Something like 24 million (!) USD? How many publishers are going to be willing to take a chance on letting a developer make a "next generation" PC game for however long that it takes to do? Probably not, unless it's a well established franchise, somehow "revolutionarily hyped" (i.e. a Lionhead game or Sid Meier game), or caters to the lowest common denominator (i.e. an EA game).
I'm not saying that I can't appreciate the great texturing/bump-mapping/level-design. It's just that this isn't showing me something that I didn't expect that many PCs could do in 2-4 years none the less.
If it breaks, you get to keep both pieces.