I just played the demo PC version, and it was awesome.

Too bad it looked crappy because of my video card, but I was able to get it running at a playable rate and was satisfied with the gameplay. It's definitely better than UT2, but it requires a good PC.

The graphics on the PS3 probably look great. However, I see this game being more fun played with a mouse and keyboard. It doesn't have that controller feel IMO.