All I see is better looking water and a brown smog layer over the screen. Pay close attention to the models and such, sure shadows and high res textures are there but there's really nothing that makes it look any better.
...You must be loving blind. The low quality version is ugly as forget.
There are almost no shadows, no self-shadowing, huge obvious blurred textures everywhere (foreground and background), water is a horrid cross between a plastic bag and a mirror, The few trees visible on the opposite hill stick out like a sore thumb and clearly do not reflect the lighting of the scene.
The models themselves (such as the structure visible near the bottom of the screen) feature much less detail and look at lot less natural and a lot more stiff (not a good thing for what is meant to be a rickity old shack).
I'm not sure if you are just angry because you don't have the hardware to play at the higher settings, but using them does make a
huge difference in image quality.