The simple fact is, the studio's with good enough coders to make a game with great gameplay, also have the people to make a game look FAR better than that.
The studio's with basically, crap people working for them produce games that look like that and play like a 10 year old piece of stinking turd aswell.
Off the top of your head(i'm sure there will be some games) can you name any newish games that have come out with graphics looking like they belong in a game from 10 years ago, yet have great gameplay?
Can you also name a list of titles that have been rushed into release, are crap, look like crap and play like crap.
I'm thinking things like SOF3, completely budget game, very very poorly done, looked and played terribly.
That screenshot says most of what needs saying, the companies put no money into the game, studio's don't hire better more expensive and experienced game makers to produce a game that plays great but looks like crap. YOu might get the very very rare gem of upcoming names in the industry in their first job that somehow make a corker but don't have the money to get everything in the game fantastic, those are 1 in a million though.
EDIT:- though the IGN screenshots look unquestionably better, like massively ridiculously better, but who knows, maybe those aren't representative of what you get in game, meh. Lack of reviews of any kind is generally a very very bad sign, we shall see soon enough.