Aside from technical problems that are likely to get fixed/diminished (pop-in, water reflections, characters hitting trees...) and the IQ, it looks absolutely amazing.
Character models and animations are great and feel organic, draw distance is really impresive, particle effects are beautiful as hell and man, lighting is phenomenal (nightime is really cool and scary too. And even if transitions are obviously sped-up, you can see they feel very natural. And dem clouds).
BTW, grabbed these from GAF:
You can now appreciate the map much better than before. Accordo seems to be definitively in that place where water has a different color (you can actually see the shape of the city, with the different islands) and Lucis is obviously that gray square (which also shows how massive it is compared to Accordo, for example).
Also, there are several more towns and cities there, and if we take Accordo as a reference, they are preeetty big. I hope there is a way of sailing seas and rivers (as well as airships!) and fully/almost fully exploring those cities, because that's the thing I'm most excited about this game.