I downloaded it, and was rather disappointed with the graphics. It doesn't look like many of the screenshots released previously.
Here is one of previous screenshots:

Here is one of the demo(settings maxed):

And this isn't the worst shot of the demo. In some indoor areas, it looks really bad, with simple geometry and muddy stretched textures. There is no AA, so you will notice many jaggies. The colors are also, seemingly, missing. In the three levels, it seemed to be all greys, browns, blacks, and a big smear effect on the screen. Many of the shadows are low res when looked at.
I guess I'm a bit disappointed, being a big UT fan, so I'm thinking this is due to it being a beta demo and the final version will be clear and have levels with colors. On the plus side, I liked the control, although, everything else felt the same(same weapons, ect.). So the graphics are going to have to pull me in... to play the same game aside from different levels and some more vehicles again.