It is very easy to see if is not even close to reality: such a wet road would produce a lot of splashes and every car would be followed by a water vapor trail.

So yes, textures and some lighting effects are impressive, but not even close to real thing. It would be easier to do a sunny weather.

I'm amused by that youtube link because one of the very first things you see is some vegetation clipping through some mailboxes.

For me, these types of modeling issues are the biggest things that are standing in the way of "photorealism". Another common thing you'll see in a whole bunch of video games is grass or plants that are all "waving" in the wind, but they're just playing the exact same animation, just slightly offset. It looks great when its in your peripheral vision, but as soon as you look directly at it, it becomes noticeably artificial.