I think the e3 B-roll looks more natural, like previous shenmue games. I don't mind the extra saturation in the environments but I do agree the game lacks depth now with the characters having bloom effect x 100
Should point out it's not actually bloom, but instead some approximation of three point lighting on characters, which is... well, the opposite of lacking depth actually. Three point lighting is a core pillar of lighting for photography, TV, film, whatever - and it's primarily used to help shape the light for aesthetic reasons in a way that conveys a mood or looks flattering on the subject.
They've got a key light exposing the majority of the character's face, some kind of negative fill on the side closest to the camera to add depth in the cheeks and jaw by having that side appear darker, and a touch of rim lighting on the opposite side to help it pop from the background a little. It seems to be present on Ryo and most of the NPCs we got to see at close range in this footage. It's actually present in the E3 b-roll build too (after close inspection), but the effect is too subtle and ends up just looking flat.
This is only what I've noticed they've done on faces, mind. There have been more sweeping changes in other aspects, like softening shadows so they're not harsh and contrasty to the point where it crunches a lot of detail out of the image. For all the discussion about what's "realistic" or not in the random thoughts thread the other day, the E3 b-roll would fail on those same metrics because of how intense the shadows were.
Tweaks will likely continue to roll on, but they're gradually addressing flaws in the image step by step, and none of this is the "final" version. It's the same thing with the facial animation, not everybody likes what it looks like in the new video, but it is a definitive fact the step to better facial animation is including more mouth shapes.