So you don't think a game that has features that the last gen could not support, like the catapult move and near-instant character swaps are next gen upgrades?
Honestly, what it is it exactly that you are expecting? Seriously, I am curious to know because other than the dodgy LOD I cannot see where else they can improve the game based what we've seen is only 11 minutes of gameplay from a, likely, 15-20 hour campaign so there may be other things that Insomniac are keeping quiet about for now until nearer the game's release.
What exactly makes a game "next-gen" in your eyes? I mean the thread title mentions the graphics being disappointing but in what way could they be better if not more photo-realistic which you say isn't what people want? Most improvements in games are iterative anyway; things like subtle improvements to physics, AI and so on to make them more immersive and entertaining. The most noticeable improvements gen-on-gen are usually the graphics because you can immediately see those but that isn't necessary what makes a game next-gen for me. It's about all the other things that go to make the complete package. Great as Ratchet & Crank: Rift Apart was (and still is), apart from the dimension transitions at certain points and the massive improvement to the visuals, the actual gameplay was very similar to the previous games so I would argue that wasn't really next-gen either. Are you implying that only games with amazing graphics are "next-gen"?