Ok, well I was able to run it on the X850 before I had to run off to work.
It ran fine, everything looked good. Also everything looked normal, I didn't notice any boxes or anything, but I did notice the blurring, which, IMO doesn't look realistic. Like towards the end where there's the one guy talking to two henchman (one on the dock by the guy the other on a boat) and when it switches to focusing on the one on the boat it blurs out the one in the foreground. I'm guessing they were aiming for something like when you focus on something distant and whats close gets blurred, but they overdue it, because your vision wouldn't blur like that. Oh, and there is HDR to some extent (like the guy and girl on the boat) but its not that noticeable and looked similar to normal lighting done in the past. It didn't make me think of the HDR with 6800 cards at all (I've run the 3.0 patch with my old 6800GT and thought it looked great).
Yeah, I was very unimpressed, I think the in-game graphics of Far Cry are better. It was like they thought they had to go and make it look more like Doom3. Another thing I noticed is that the clothing textures look not so great, like they were bumpmapped and not given a very high res texture. Reminds me of some of the graphics from Halo 2.
I think that they just did a poor job on it overall. When the creature starts attacking the two scientist guys was just not well done (the physics of when the one hits the electricity is not very realistic). And yeah, for a graphics demo, it was pretty weak. I think the only area where it improved upon Far Cry's graphics was with the facial textures/models/animation.