I'm watching LiF but I'm not going to pay for them to develop the game. When it's more polished I'll give it a shot. Probably won't play until the MMO release.
Graphically it looks pretty good with all the setting turned up, but yes it is a bit dated. Grant it is early access and things like this can change, but I doubt it as their primary focus is on gameplay and stability. I'd rather play a game where u can have 200 player battles than have great graphics. However they haven't proven that, so will have to see if they can pull that off in the future.
Here is the latest videos for H1Z1:
The H1Z1 Reddit Page is the best place to go for info. Tomorrow there is a live stream on their Twitch Page at 3:30PM PDT 02/10/2014.