This game may not be as good looking as gears of war, but the graphics are still pretty amazing. I don't think the video in oxm does the game any justice, it shows off the physics a bit, but the quality is just to low to be impressed.
The pics in oxm are really high resolution, and more true to what the game will look like on an hdtv. The article in oxm was cool too, they got to play the game hands on. they have 1 of the xbox 360's 3 processors, completely dedicated to ai, the fps never drops below 60 even in four player split screen, you can see for miles, and everything, i mean everythign is rendered, you can notice in pictures, with snow, and it looks as if each flake is rendered seperately.
Needless to say, best graphics or not, Call of Duty 2 will kick some serious ass.