A. Yes, of course there's restrictions...not denying that.
However, we have never had I/O speeds like this in the modern gaming era since we transitioned to optical drives and HDDs. It's a massive leap forward
B. I disagree, they are not great at hiding it, and you can easily spot the limitations in game design almost everywhere.
C. It's not really a rendering issue at all. Once you get inside the game only has to render whats mostly in view.
Textures are a different matter. It's entirely an HDD issue. Games have tons of data waiting to be used in RAM because seek speeds are too slow, and it would be too jarring to wait a minute to load each time you go from indoors to outdoors
It most certainly is a massive deal and the doubters are in for a rude awakening
Hell yeah !