It looks identical to UT3...You can see an over the shoulder clip of the game in it's current state in this video they posted today. I've cut to 1min 07sec when the action begins.
Seems they have most of the weaponry in the game but very little level design or textures done. Much of the UI is placeholder as is some of the models.

felt like the highlander running about with that thing xD remember screaming "there can be only one!" when I'd get a kill with it... 
