It's hard to judge the scene with this effect because it could very well match the game-play style. I think it looks great. As a still screen, it's easier to pick out little flaws with the shader here and there, but while actually in the game and playing, you wouldn't notice most of them. I'm thinking NA is using this style to give a certain feel to the player through environment with it's planned game-play, and in that case, this shader may be spot on.
I look forward to seeing some videos, NA, if at all planned. Would be great to learn more about this project.