The demo is quite amazing. With the SM3 mode, you have the option to enable HDR(no FSAA) or Virtual Displacement Mapping among other's. With all options enabled(softshadows, High), the game ran pretty good at 1024x768, but anything higher and it was a bit slow. Hopefully, the full game will be more optimized for those effects.
FSAA only works if you don't enable HDR. Looks better with HDR though IMO. I took some HDR w/VDM screens here:
HDR is used very nicely in this game. Not too overused like it is in Far Cry sometimes. VDM is really nice though. You can see the difference by enabling/disabling it at the beginning on the beach. Look at the rocks and sand with/without it. Much of the rocks and walls also use it to certain degrees.