Half Life 2 looked great anyway when the first preview videos came out - Then a considerable portion of the source code had to be rewritten, meaning that the engine that ran those videos would likely have a few changes to it.
My point is that what is seen at the start isn't always what the end product will be. It's a good clip but it's still wise to reserve judgement on it until a live demonstration is available in one way or another.
Having said that, ATI could do bring out a very powerful rival for nVidia. It's just a case of not believing the hype until it can be seen for real
I'll get my coat.
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