I'm really loving the graphics after almost 10 hours of play time. At first, I was kinda pissed about the jaggies and draw distance blurring, but I don't even notice them anymore. Everything looks great, especially in motion. The weather effects & transitions, too, have to be the best I've seen in a game.
On a side note, I'm still blown away by the new physics engine. The animation of bodies tumbling and flying through the air never gets old. I also love how when you bump into someone, they drop the object their holding or get pushed over. When I was running up to the monorail, I accidentally bumped into a woman waiting for the train. She tripped and fell onto the tracks right as a train approached, crushing her into oblivion.