I think the graphics are great in the game. I have them all on the max settings and its fantastic. My biggest gripe is the sound and feel of the guns. They are just as bad as they were in the last Treyarch game. They feel light and when fired give off a pooping sound that has no resemblance to a weapon being fired.
I have fired an AK and I can assure you when you squeeze the trigger it make a a hell of a bang. BF3 weapons are far superior in this respect and Im disappointed that Treyarch have ignored this. Recoil is fairly badly represented too.