The graphics look great as long as you dont try and full screen the crappy youtube encoder. There is a video you can download which is apparently better on the eyes :)
It looks great. I suspect single player will look even better because it will target 30FPS in single player but with better graphics and 60GFPS with graphics toned down abit (so that video is even more amazing :D
Still looks better than any FPS currently showed running on consoles, actually have we even seen 3rd party FPS games running on consoles... i dont think we have yet.
KZ and infamous will certainly be pushing the console graphics initially... 3rd parties are making so many versions of the same game - they dont give a crap about pushing next gen just yet.
Making an indie game : Dead of Day!
