Even if it doesn't look great the SDF will parade it as the best thing ever, and people will be banned for saying it doesn't look great. Just watch.
And Jinx and the others who keep saying "Sony never said it would be a Halo killer" are missing the fucking point, by a mile. If they don't believe Sony was looking for something to combat Halo they're mistaken. Even now the rumor is that the game will be released before the Halo beta. They are competition, period. No one cared about Resistance, but you better believe lots of money will be pumped into this. If Luke is correct Sony could have greenlighted the showing of this game months ago. Instead they're waiting for the time when even more Halo 3 coverage comes out and the subpar, unfinished graphics are showcased again to the world. At that point Sony will whip out the Killzone demo, which might look much better than Halo 3 graphically at which point the hype train will be revived.
It's a nice plan, and it wouldn't have worked if MS didn't fall into the trap AGAIN by showing an unfinished, un-impressive version of Halo AGAIN for all to see. The entire EGM story was a loss as far as I'm concerned.