Played through all of this last night in a 4 player co-op session.
It loosk EXTREMELY good for a console game. Hell, for a game period, in places. There are clearly areas where the crap hardware is holding it back, but there were several areas that truly looked amazing. The most impressive console game I've seen since Uncharted 2, I think.
With that said, technically, it had a lot of hiccups. The framerate dipped below 30 quite frequently and, when the game got really busy, it was in single digits for all of us.
I've been told in the |OT| this is an issue with it being a co-op game, but to me that makes no difference as it's a feature of the game and doesn't excuse that type of performance.
Thankfully, it wasn't that often, and the good vastly outweighed the bad when it came to performance.
I think Uncharted 2 is still the best looking console game, but this has the number two spot.