I must say that it looks very nice. The draw distance is impressive and gives it a realistic look, as well as the LOV as things get further away. I especially like the water in the levels.
A few things that I did notice though.
1. The trees seem kind of stretched upwards, it almost makes it look like they are being blown or sucked up.
2. The grass in some of the shots is brown, and the ground is green. It makes it look like the grass is suppose to be dead, yet the textured grass is still green very unrealistic.
Overall I thought things looked very nice, and the whole thing with the different times of day, nicely done. Keep us updated on the project, I am interested to see where it goes.