On some level, it's healthy to retain a sense of humility at the technological marvels around us. Everything about our daily lives is impressive.
Just a few years ago, I would have been absolutely blown away by these demo videos. Six months ago, I would have been very impressed. Today, Google is rolling a product that seems second best. They're playing catch-up in a game where they should be leading.
I will still be very impressed to see videos of that quality generated on consumer grade hardware. I'll also be extremely impressed if Google manages to roll out public access to this capability without major gaffes or embarrassments.
This is very cool tech, and the developers and engineers that produced it should be proud of what they've achieved. But Google's management needs to be asking itself how they've allowed themselves to be surpassed.