This.
Bokeh depth of field, chromatic aberration, lens flare, film grain, and what looks like TXAA or FXAA (gross). The field of view seems pretty low as well.
It’d be fine if they were making a movie, but in a game it just results in blurriness and a less immersive experience overall.
Everything else looks pretty damn good, though.
EDIT: Watched another trailer, not a fan of the ‘crap-on-visor/helmet/camera lens’ effect.