I think the graphics in this game are crazy good. Sure looking at single things it might not hold up to the greatest of the great games (Uncharted) but damn looking at the whole package, I think it looks incredible.
The lightning is expecially crazy... Just look at the sun beams as they are getting blocked out, or the lightning when you fly into clouds. And I LOVES how all the shadows react on your character/warhawk/tank, VERY impressed by that.
Speaking of clouds, these are the best I have seen in any game. The water is especially nice too, very nice effects, too bad you cant swim.
Its so crisp (4x MSAA?), and sharp, and it runs to smooth. Also I love the cartoon:ish animation, unlike CoD where it just looks silly as the game tries to be ultra realistic, this game is somewhat cartoon:ish in some ways. The mixed 50ies high tech art style looks really nice. Now I hope the game gets a singleplayer component again, sometime in the future at least when the devs feel they can deliver the SP that this game deserves