Oh, don't you worry there'll be plenty of 30fps games on MS' next-gen console too.
And these will play just fine and will be tonnes of fun no doubt.
I'll tell you what I see.
1) The RT reflections are used very sparringly. It's not on every shiny surface and it makes the scene look odd. You got some surfaces using SSR and some using Cubemaps.
2) Ratchet doesn't even have real fur. Not in cinematics and certainly not while controlling the main hero.
3) The transitions to worlds isn't happening "instantly". It actually takes a couple of seconds (just a nitpick).
4) A lot of the particles and destruction disappear way too quickly. That shows the PS5's lack of bandwidth and storage to hold those things in memory longer.
5) The FX don't appear in reflections.
6) There is PBR of shaders but we've seen that all last gen.
Overall it's not doing anything new accept the fast load times. Graphically it's par for the course with some great art direction. One thing I hope you guys can take away from this though is how clean the image looks in native 4k. That alone should give you stricter requirements that your games not use any kind of checkerboard rendering. It truly takes away from the quality of the render.
VFX, I will only take on one of your points, the rest I will leave when an outlet does an analysis of the video. Do you see the amount of particles, destroyed geometry and parts all over the playing level, including a tonne of NPC's and moving traffic, both on the ground and in the air? Why would they leave all of these drawn in since the game is transitioning from levels to worlds so quickly and drawing entire new levels on screen on the fly.....It's a design choice, no need to waste resources where you don't need it. Soon you will be asking them to keep 3-4 levels in memory just for the heck of it....
Also keeping objects on screen is not a limitation on PS5. If you look at a launch PS4 game in Killzone ShadowFall, bodies and objects remained even if you backtracked from the end of the level. It depends all on what the developer is doing. Higher quality RT needs more memory too....
-------------------
What I'm most impressed by is the materials quality, it's simply bonkers; glass, metal, no polygonal edges here and that smooth IQ. The NPC's are very detailed too and plentiful, the effects are really high rez and of top quality. Cue the smoke in the background on one of the shots, very high quality.....Yet that pristine 4K, when they went from the cutscene to the gameplay.....That is some crisp IQ right there......