I feel like a broken record, but I might as well repeat my thoughts just to bring up some discussion.
Lighting is really nice, character models are nice, textures are bland, it's much more colourful, character animations are nice, frame rate seems much tighter and character models seem to be a hit or miss. I didn't like the locust model in this video, seems to look extremely plasticky and undetailed, while the other video I watched showed Marcus and he looked incredible.
Overall, Epic knows what they want, they aren't aiming for the top, they are aiming for top performance. They've smoothed out the frame rate, made the animations smooth (you'll notice it when they switch from cover to cover), pulled back the camera and did all that while making some really nice and colourful environments. I also noticed that the particle effects are very well done, much better than Gears 2, but maybe not on par with something like Crysis 2.
Epic know what they are doing, I do hope that the jump from two to three is bigger than the jump from one to two, but it's hard to come to a conclusion based on Youtube videos. They also have a while until release, so it's pretty much guranteed to be polished.
I also think that the Uncharted 2 comparisons are spot on, the environments in that map do look similar to the environments in the Uncharted 2 maps, which is a good thing and it's an easy thing to compare to, mainly because it seems like Uncharted 2 and Gears 3 are the only two multiplayer games that share that similarity.
People are way to sensitive, he didn't even say anything negative and the five defensive posts that popped after the initial mention of Uncharted do more to derail this thread than anything else. Once again, the mod comes in to stop discussion by keeping a tight leash on anyone that isn't overly praising the game footage.