SCVI is not going to look that good in general, but will still be a solid 3D fighter. It'll have similar visuals to T7 on PS4 (please don't make the XBone version 720p Bamco...), like Kasumilover mentioned.
It's really sad because Unreal Engine is a solid engine. At least UE1-3, UE4 doesn't live up to my expectations... After taking a look of graphical comparisons of UE3 and 4, UE3 looks better in some ways. MKX uses UE3 I believe. Some of my favorite games outside fighting games use UE3 and they look good.
IMO they should at least make the lighting brighter to add more vibrancy to the game's graphics.