Well, as you can see, the game still features quite a lot of enemies onscreen with medium detail : so the polycount is certainly up there.
Basically, they went for max fluidity. A design decision with pros & cons. Seeing how recent top games fair well at a locked 30 fps @ 720P, you might argue that decision though.
The polycount is there, the fluid animation is there and so are the lighting FX, shader FX (incl. normal mappings) and postfilters ; However, the latter 3 seem rather limited, basically at low fidelity.
Thus, Jaffe\'s hyperbole about it "looking like a painting come to life" is, absurd....until proven otherwise. A true showcase for the PS3 ? No ffing way !