I wonder if CDPR are victims of their own daylight technology, making this downgrade argument much more dramatic than what's really happening. Depending on the time of the day and the position of the sun, two shots can look very different. I think that the praise of the upgrade in the Famitsu screenshots is a bit similar to the cries of downgrade in others. Much of it, to me, just feels due to the daytime. Now yes, I know, in the Famitsu screenshots there's a visible difference in skin, rocks, Johnny's tattoos and things like that. But the main thing that catches the eye off the bat is the gleam on his and Gran's face, and that's probably just due to a different time of the day, than when Geralt interacted with them during the 35min.
I think it's the same with the swamp footage in the VGX trailer. Now, just like there is a positive difference in the Famitsu screenshots that doesn't have anything to do with the light, such as the skin, there's a negative difference between the VGX swamp section and the 35min regarding the water, for instance. But still, the main thing that catches the eye is the shine on Geralt's metal parts. A shine that wasn't as felt in later gameplay footage because - I believe - different daytime and sun positioning. Meaning that there isn't a "substantial downgrade" between the VGX trailer and the 35min gameplay footage as was stated here occasionally (at least regarding the swamp sections).
I feel it's the same matter with the comparison between the Rider in Elder Blood (the one without the frost, the one on horseback who looks good) and the Rider in Sword of Destiny. In the latter he just has the benefit of a sunset that makes his armor gleam some more and catches the eye much more easily.
This isn't some professional analysis, mind you. As always with graphical matters I don't really have a clue and just write based on my amateur impressions. Also, even if my post is mostly about shrinking the downgrade cry, that's not to say I think it looks exactly the same. Parts of the Elder Blood still don't feel as sharp, mainly with the frost-effect, and the zoom-in didn't help much either for the foliage when Eredin dismounts. I also think that we've yet to see a shot in the 35min gameplay trailer that catches so much life and detail as that brief part in the VGX trailer with Geralt walking through a village with a kid jumping to his side. But I think that these differences are being blown out of proportion because it's sensational, just like the accusations of CDPR lying are much better headlines that would make a cheap tabloid proud, instead of a level-headed discussion and criticism\skepticism.