Yeah, I gotta say that the Witcher 3 demonstrated the level of detail that can be done in an open world RPG, creating a living world with convincing characters throughout, extensive voice-acting, good cutscenes and side quests with proper storylines that are far more interesting than the fetch quests that are often in Bethesda games. I loved Fallout 3, but this was for a big part because of the very charming setting of Fallout. It is 2015 now and the Witcher 3 demonstrated to me that games have come a long way. Fallout needs a big step up, Fallout 3.5 won't do.
This trailer does not show any gameplay, it hints at some features perhaps, but the main reveal is graphics and the setting. It is perfectly possible and fair to judge that the graphics look rather underwhelming at this stage, don't have to go all defensive immediately.