You might wonder why there are minimal changes, here's why (from the facebook page posted in the video's description)
"I did that quickly though and blindly but it's already pretty cool for the future. I removed the DOF (depth of field) weird noise shit during player transition and weapon changing, reduced the fog amount, i hated it, removed the blurry background, changed the sun color to something more neutral, less brown. changed the water, and removed the post effects for each character (as you may know, each character in V has their own post-processing). Of course we can do more but it's a start and mostly was a test with zzcool to see what we could change using unreleased OpenIV."