Coming from a Bad Company 2 Fan boy.
This games graphics aren't terrible but they certainly are not going to win any awards. As I said I am basically comparing this to Bad Company and I can say that in all honesty the multiplayer of Bad Company 2 is more gorgeous than the single player cutscenes in this game.
Everything in this game sound pretty good but I felt as if the guns felt and sounded a little weak. The only guns that sounded substantial to me were the LMG's but then again I am sure these gun sounds are trying to be more realistic.
It is the same COD formula as before and the same exact formula that is in every single FPS nowadays in one form or another. You run from place to place and shoot some enemies then duck until you heal and do it over again. I found that there were some serious issues with the AI at times where your soldiers and the enemy soldiers would seem to run by each other and do nothing. The enemy also seems to enjoy not running from grenades. When I compare this to Bad Company 2 and Killzone 2 this is ridiculous. In both of those games enemies would try to flank you and they would shoot from behind cover and actually move around strategically whereas here they stay in the same spot and shoot even when they are being shot at.
This is the same COD experience but with COD points and wager matches. The wager matches are incredibly fun variants on your standard team deathmatch modes and there are some other modes like Zombies and Headquarters/ Capture the flag. The main new addition to this game, in my opinion, is COD points which are basically currency you need to buy things like scopes and weapons. You still have to level up to be able to unlock these weapons but unlike BC2 where you had to play for hours in a class to unlock a certain gun This game allows you to play in any class to level up and then buy different guns from different classes to your preference. It is a pretty fun experience but is really rough to start out if you, like me, haven't really played COD before. The maps are decent but none of them really stand out as fantastic or specifically fun.
If you do buy this game be very wary about the servers though. In 10 hours of multiplayer I have gotten a "connection interruption" message and had to restart the game no less than 15 times. Even though that doesn't seem like much it is pretty ridiculous for a game that is based in its multiplayer.