Are you pointing your finger at the thing (physically or mentally)? No? Then use "it". If you are pointing your finger (including mentally directing your attention), is it near to you or far away? Near? Then use "this". Far? Then use "that".

They are basically used in the same way unless something is in the distance, then use "it". If I am in my friend's house and she points out to her garden, I would say it is beautiful. In most situations if I am not touching/holding the subject, I would use "it".

As a native speaker I can say that they are both the same. In this context at least. Other languages I know also share the same concept, keep up the good work!

I think that both are correct. Furthermore, they both have the same meaning. Maybe the second one is a little bit more expressive. Though I'm not a native speaker of English...