I have most of the graphics maxed and the game looks better then what I had expected from viewing the screenshots and videos. It's obviously not as beautiful as say BFBC2 but then again this is a MMO - with a massive world and player base to handle. I would have to say that the only compliant about the graphics is that the grass is sometimes floating above the ground and messes with your camera view when looking around.
Now the sound and animation - thats a different story, but the graphics are better then expected and run flawlessly on my machine.