Yeah, that's just horrible looking. It reminds me of a game I played on my brand-new Pentium computer with a fresh-off-the-shelf copy of Windows 95... (the terrain, not the buildings)
I think the most offputting part of the graphics is the absence of any definition (surface roughness, gravel, stones and rocks) in the distant ground textures.
Yes, the lighting is different between the old location and the new one for Felicity's base so that accounts for a small part of the overall poor impression, but even so the surrounding landscape should not look this smooth, featureless and lacking in distant detail. Something's definitely up...
The same goes for the procgen textures when light is shining straight down onto planet surfaces from orbit. The planet surfaces in Odyssey seem to lack detail and become blotchy, flat and lifeless with little progressive blending and transition between between darker and lighter patches and seem to have huge, lifeless and monotonely coloured basins. If viewed straight down from the sunlit side it's as if each planet consists of three or four different flat colours. When surfaces are lit at an angle the height maps do a good job of conveying surface unevenness from orbit though. I'm pretty sure that Odyssey procgen is not all lost but it, and more importantly the Odyssey textures and lighting, definitely require a lot of work from the devs to get surfaces to spring to life from all angles and give any kind of illusion of depth and texture.
Of note: the reason I'm forcing 8xAA in the control panel is because the built in AA settings barely do anything for the close up surface textures, either on foot or in SRV. The detailed ground (wonderful when viewed up close or on foot) simply vanish into a blur mere meters away. Something's up with that too.