Just watched the entire trailer.environment trailer
My thoughts on it
It appears the entire world is in one instance without loading. At least that entire area. It was like a long griffon ride in WoW. Lots of popup objects, but that only made it clear that it was a real fly-through, and doubt it will be that evident when going on foot/mounts as you won't be moving at that speed.
They are really happy with their fog mechanic, as that is everywhere, but it fits with the biome I guess (forest), but that brings me to a question. Is that a flyby of the world or a flyby of one area? It was clearly only one biome type of area, with little to no difference in the textures around in terms of trees or rocks. The same video as linked above is also on youtube as "world map", so it might be a flyby of the entire world, which does seem fairly static in terms of looks.
I enjoyed the Hitchcock dungeon with the birds everywhere. That looked like a fun place to go with an AE group.
The game does look great though, a fairly large step above anything else out at the moment, so I mirror the sentiment above that it is strange how much further along the East seems to be to the West in terms of technical abilities in their mmos. The weather, dark, fog and general aesthetic of the game is miles beyond the "stylized" cartoon stuff the western AAA developers seem to deliver. Though, again, a bit disappointing if the entire game is "forest/rocks".
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Small video displaying how the world map looks.
Here is another video showing trading (and some explanations of what the colored roads and such on the map is for)