Of course, Perfect Dark Zero has some great graphics. It exhibits something called parallax mapping, which makes bump-mapping look like a pile of puke. Flat polygons making up the floors, walls, and random objects come alive with a realistic sheen that changes as you rotate around them. The game is running pretty smooth at the moment, but we're told that it's only at about 30% speed now -- due to both alpha hardware and the fact that the build was several weeks old.
Perfect Dark Zero should sit at the top of the hype heap. Its multiplayer shows great strides for the genre, and we haven't even seen story mode yet. The wait is looking like it will have been well worth it.
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PDZ seems to have improved quite a bit from the first screens we've seen. GameSpot, IGN, and GameSpy all had good things to say about the graphics, and they were viewing an old build at 30% power. I think PDZ might surprise when it's released.