I just saw a little of this game. The graphics are a tad better than they have been in the older COD games. I remember that the developers said that graphics was not the priority but they were still very good. The guns look really good and the clothing is showing more detail.
To me this is the most important thing either, however, I think Reloaded is doing very well in this area.
Note: I still don't have my badges!
When in doubt -- C4
-Jamie Hyneman