Uhm, the demo has shader model 3, that's DX 9 IIRC.

If it had DX 10 there should be Shader model 4. Are there even any DX10 exclusive effects in ETW?

It's not like I really mind as long as it looks good enough though. Perhaps they could make the soldiers look more real close up with tesselation etc. but I don't remember CA games being at the edge of graphical development, yet the newer releases look good enough to me.