Runs very smooth on my 5870 at 1920x1080/Hardcore. Graphics are very much like BC2, with maybe more detail and shader effects. Looks like the original Crysis, but graphics are much smoother (less aliasing) but at the cost of less microdetails. Also, colours seem much less vibrant and in many cases completely washed out due to the excessive blurring and bloom.
If I was completely impartial, I'd say it's a very decent looking game, in fact one of the best looking games out there right now, but compared to the original Crysis, I can't help but feel a little overwhelmed. In short, it's exactly as I expected, a console version of Crysis - massively reduced microdetails and excessive blurring and light bloom; i.e. a game designed to look good on a big screen from a distance at low resolution (e.g. 720p and less), as opposed to a monitor up close at high resolution (e.g. 1080p and more).
I hope the full game as more precise graphical controls, but I doubt it will be that much better.
As for the gameplay and controls - Crytek can stick their consoles up their ****.