Sorry to be a killjoy, but I'm not that impressed by it.
I think a lot of you are over-exaggerating just a bit. Photo/realistic? Take a look outside, at the people around you, and tell me that again. Malcolm looks like a claymation figure or an action figure. The other characters are slightly better, but nowhere near realistic. They look like plastic. I'm not saying it isn't better than other games released so far, but as far as I know, no game has had realistic characters yet, unless you consider the games where they use actual people as the characters in the game. Yeah, it's good compared to previous stuff, but not realistic. Detailed? Yes. Realistic? No.
The environments look like they have a higher level of realism, but still, it's not so good that I could call it realistic. The one that Brian posted looks like something you could achieve in a painting, not a photo.
[/rambling]