No, it definitely looks good, but it's not even remotely close to the level of detail found in MW1.
I think alot of that had to do with the lighting effects that the 360/PS3 versions managed to make, because you really notice the difference when you're running outside on the boat, and especially when you leave (I thought the pitch black water was a glitch or a old build of the game, because the 360/PS3 ones have lighting which really shows the details of the sea).
Actually, that's probably how I'd describe the look of the game, an earlier build of the final 360/Ps3 product. Some parts look good (details on the characters), but parts of the environment aren't that good or look unfinished.