I think it looks quite good!
I watched it during my break and here's what I could come up with;
The visuals were nice, but the trailer wasn't that interesting, especially compared to the BF3 trailer. With the MW3 trailer it was a mixture of CGI\Pre-Render and a small amount of what might have been actualy in-game footage (still not entirely sure since I saw no HUD, etc.) but the overall feel of the game just didn't seem as good as that of BF3. With the MW3 trailer it was mostly a lot of explosions... actually it was basically entirely explosions. The BF3 trailer was a nice mixture of ambience, with a build-up to a suspensful action sequence.
I think the contrast is necessary to really build realism and immerse you in the game. With MW2 it very much felt like they were marketting a Video Game, and that took a lot away from the gameplay in my opinion. BF3 by comparison, seems to be selling an experience, and the trailer for it is a lot more theatrical, and less gimmicky.
The overall aesthetics of the game also concerned me. MW3 looked very... plain. Can't quite put my finger on it, but it just didn't look very vibrant. The only scene I remember that really wow'ed me was when they were running through the building that was half on fire, the rest of it was just a black and grey mash-up of City-based firefights and some random underwater sequences. When I first saw the BF3 trailer, I remember being blown away by how vivid the environments were. The light shining through windows and off the walls in the alleys, the scene with the bridge cracking apart underneath their feet, the blood splatter for a fallen teamate splashing onto the screen, the light reflecting off of the windows of the buildings during the rooftop sequences. Everything seemed perfectly placed and natural, not forced and chaotic.
