This is how I envision Fallout 4 looking, everything in that video was amazing graphically. (Quite a leap & bound past Fallout 3)
Depending on how far off it will be and what engine would be used, I could see it looking better.
mmm... i've find some pictures who shows the differences in Fallout 3 and Fallout New Vegas about the graphic:
http://www.rpgitalia...-pc.img_190.jpg
http://www.rpgitalia...-pc.img_415.jpg
To be honest, technically speaking, I don't see that much difference. I think the textures on the character models are somewhat better, but other than that, the main differences seem to be in terms of design rather than the actual technical quality of the graphics. There will, of course, be new models for weapons, items, and such, but as a whole, it doesn't look like the quality of the models, textures, or the engine have seen any major changes. Minor ones, perhaps, but nothing extremely major.
But we've pretty much known for a long time that the basic graphics engine of New Vegas would be the same as in Fallout 3, and at this point, it would be too late to add the enhancements shown in the video, and in any case, if Obsidian had meant to do things like that with New Vegas, they'd have done so already. However, I'm sure that graphics enhancing mods will be made for New Vegas too, and considering that the engine itself is pretty similar, it might not be too difficult to port such mods from Fallout 3 over to New Vegas, but obviously I can't be sure, we shall see, in any case. In the mean time, I'd say that the videos and screenshots we've so far see of the game pretty much demonstrate the overall quality of the graphics. Now of course, some of the things seen in them could look different in the final release due to the designers having changed them before the game was finished, but as a whole, I don't expect too many surprises in the overall graphics quality.