The graphics quality is more then adequate to me.
Better graphics always make it harder to run the game and I think Funcom in general benefit more from making an accessible game then the best looking MMO on the market that only 10 people can play.
That said, the game is still in early stage but looks good except that I sometimes wondered what was going on with the light vs shadow thing but I bet this will be cleaned out during some polish phase so no biggy.
What I would like and see as a big big big wish for the game is some settings that allow the players to modify the appearance of the game to some degree. Think on it as some kind of display filters. The reason I would like this is because it is a "horror" game and thus rely a lot on the atmosphere.
I personally immediately thought that the screenshots where to colorful and would love if the game had a slider that allows the player to tell the game if he want full strength on the color or if he would prefer to have them more washed out. The same that a player maybe could add "grain distortion to achieve an effect that looks more like an old movie