I had originally though everyone complaining over the graphics were nothing but trolls but having had a day to play it I'm finding myself disappointed. Some of the rock terrain looks almost identical to stuff I saw on Solstheim back in Morrwind! I'm playing on high because I had heard people complaining of slowdowns when playing on ultra with AMD cards, but that should not give me what I'm seeing in game.
http://imageshack.us/photo/my-images/818/screenshot2ag.png/
And this lovely bit of light in riften every night...
http://imageshack.us/photo/my-images/717/screenshot3ew.png/