Assassin's Creed Valhalla has the most impressive graphics I've seen in a long time. This is what I expect from next-gen. While Watch Dogs: Legion disappointed me big time and still had enormous hardware requirements, Valhalla looks much better and is more optimized. The vast landscapes of Northern Europe are rendered so beautifully and in a near-perfect color palette that goes very well with the Assassin's Creed art style.
Geometry and textures for both characters, the terrain, and all objects in the world is outstanding, there are no obvious low-poly models that distract from the experience. Actually, I'm very impressed by the work of the level designers. Everything is modeled with love to detail, and you can see this in all of the 100+ screenshots in this article. Valhalla does not support raytracing, but the lighting and shadow effects are close enough to what raytracing promises. I've stopped several times to appreciate the great-looking dynamic shadows and realistic lighting, thinking to myself that this looks like RTX without the performance hit. Sure, most of these effects are pre-created by artists, but does it really matter if it improves the gaming experience significantly?