I'm new to this thread, and wanted to give my to cents on that matter.
This is how I see things from a technical standpoint:
Does W3 look good? - Yes.
Does W3 look beautiful? - in some regions at certain times of day, yes. (I'm having Novigrad at dawn in mind)
Does it look 2015 beautiful overall? Not for a PC version. But to be honest, neither do any other PC non-exclusives. (except maybe GTAV)
Could W3 graphics be as good as the infamous gameplay trailer AND running at 60fps on PC (on mid-high end rigs)? - Given extra development time and more resources for a separate or vastly improved PC build, yes. I think CDPR is talented enough to have been able to achieve this. But then again I am no developer, I have no idea of the technicalities. I am just extrapolating what I see now / saw years ago in PC games in general.
Am I disappointed by the graphical quality overall? - Since I only watched the early presentations and ignored everything that came after 2013 on purpose, I must say yes, a little bit. But it has less to do with W3, and more with the path the game industry is going down.
Does the quality of the graphics play a major role of the quality of the game overall? Not for me, it just feels like a missed opportunity to make a good game even better.
Like I said, I make these assumptions based on what I, as a gamer experienced earlier in my gaming career, and the progression of what is possible in terms of graphical quality/fidelity and hardware.
On a closing note, I can't but mention how important it is to have a "healthy" modding environment, and ongoing support.