Basically what I expect. No device is really visible in bright light yet, it's just not happening for at least 2 years.
The Nokia Lumia 900 is the first device I've owned that was visible in bright sunlight. I am able to see the screen without cupping my hand over the screen to shade the device from the sun, and I am able to see the screen while wearing sunglasses.
Remember that Lumia 920 is supposed to have that automatic 'extra brightness' mode that will activate when in direct sunlight. It is supposed to have extra 20% of brightness not available by user adjustment and some color correction algorithms (probably oversaturating them on purpose as colors tend to look washed out in direct sunlight).
Marginally better is still better. Hence why they chose it as a bullet point, my Optimus 7 at it's brightest actually hurts me eyes and it can be seen "nice" on the beach but that's not real world use and it will drain the battery fast. I tend to just ignore that visibility thing as it's just marketing that won't have any real world use.