Hmmm, why are people complaining about the graphics ? I haven't seen anything that makes me think they are not good. The art in the game is "hyper realistic" which means vibrant colours, as opposed to R 1 which was mostly gray and brown. Also, the textures are less detailed because they didn't want you to have to download 4+ gigs of data, this is stated on the Beta forums.
The character models are amazing, as are the weapon reload animations. Playing as spec ops, i spent alot of time crouched beside a soldier in Co-op, and i was amazed to see that the hand holding the back of the chaingun actually had a knife in it for melee attacks. I think they did an excellent job, its just so fast paced you dont get a lot of time to admire the graphics. Next time you reload a weapon, watch the bullet get chambered from the magazine.