Too bad it looks exactly like the third game but that was to be expected, given the hardware limitations of the current generation of consoles. The graphics of Saints Row 3 were not bad, don't get me wrong, I really liked them but I'd wish they improved them a little bit. I didn't get that impression from the trailer.
Anyway, I'll probably cave in and preorder it because I'm a sucker for Saints Row. And it will feel great.