Great game so far. I brought it home and played for about 2 1/2 hours solid, and none of it reminds me of the areas of tedium in the first game. (The very difficult stealth missions).
The graphics are the best I've seen in a game. I own UT2003, and although those are sharp, these are better. The animations and models are also better (although UT2003 has the advantage on its amazing physics). The AI of NOLF2 is also the best I've seen.
The shots are taken at 1280x960 with 2x AA and 16x anisotropic. This is also how I've been playing it, and with V-sync on, it runs at a constant 40-85 fps, usually around 50 because of v-sync.