The video is a short environmental showcase with the camera rotating around a static character but the graphics look stunning.
Grim Dawn: "Please note that developers do not usually allow their audience to see a game this early in development while the art is still in such a rough, unpolished state. However, we felt it was worth the risk because we want you, our fans, to be involved in the development of the game and to watch as things progress. So, please, keep in mind that we're not releasing materials to drum up buzz a few months in advance of release, rather, Grim Dawn is still pre-pre-pre-alpha and I might have even missed a pre. Thank you for your understanding!"