Here’s a fan-made, high-def video of Rift by Fenlock56 to demonstrate what the game looks like on the highest settings. Turn it up to the 1080p setting for maximum goodness. It shows parts of the game world primarily on the Guardians side, with quite a few shots of the Guardian headquarters, Sanctum.
My big issue with the graphics at this point is that it doesn’t appear that they have a setting for AA (anti-aliasing). Because of that you do get some jagged edges on your character and it ends up interfering with the immersion factor, in my opinion. I can only assume that they are still optimizing the graphics and that AA will be put in before launch.