I downloaded it and ran it. Textures are lacking, that's obvious but it was also using 2.5GB of VRAM so higher res textures might not even be able to be demo'ed on a card with 4GB of VRAM or less very well so that is a thing. There were a lot of particle effects and geometry effects with respect to things "flowing" and "breaking". I have the same complaint of this demo as I do of other UE4 engine applications and that is lack of sharpness in the rendering. While things look really nice, I feel like it's getting filtered too much.
If any of you haven't played the pre-alpha of the new UT, I suggest playing it. Not because it's good but, you're complaints of the demo might also exist that as well. In which case makes me wonder if it's something the engine just does.
Either way, I don't feel that the demo felt DX9-like, maybe DX11-like but, it most definitely felt like a feature demo not a "look f**king awesome" demo. However, I would be all for a demo that could utilize more of this 8GB of VRAM. On paper AMD is good at texturing and I would love to be able to validate that.