As I was reading the title I was like, oh, come on VFX, you can't be serious. I'd seen a few vids of this around the reveal and it didn't impress me then.
But after seeing the vids in the OP and all the vids posted in this thread... Holy crap. This is without a doubt the best looking CRPG I've ever seen. One of the nicest looking games in general for that matter and the lip syncing is actually amazing for this genera.
A few things I personally think would help everyone when considering what is or isn't next gen in conversations.
First off, everyone is going to have differing opinions depending on their technical expertise as well as their preferences.
Secondly, if there is a bar, there are going to be many things on the qualifying side of it that are going to vary wildly due to art style and other techniques used. People are using Demons souls as an example of a next gen game. That's fine, but that doesn't mean it's right at the bar. It could be far enough above the bar that other games closer to the bar don't look as impressive. Saying something is an amazing looking next gen game ≠ it being the best looking next gen game ever.
Thirdly, we absolutely should separate games by genera. We shouldn't be comparing small corridor games to open world games for example. Nor should we be comparing these games to CRPGs like BG3 which have absolutely tons of emergent gameplay elements, unique characters, humongous dialogue trees etc, where development is going to be prioritized differently.
I'll say this, for this genera, BG3 is certainly next gen. I don't know of anything that even comes close.