it looks very very good. Using youtube videos and 640x480 gifs (The last of us looks amazing when put into a small gif, but not as much so when blown up) to compare is futile, with it's compression it can doesn't show framerate, jaggies, filtering, particle effects, textures, clipping, etc well at all.
I do think it is the best looking multiplayer FPS out of the two based on those videos though.







