The graphics look impressive from a technology standpoint, but I do not like their artistic direction and color palette choice. I used to think the UE3 titles with their brownish/greyish palettes were bad, but this charcoal palette is worse. (I don't like Gears either) I guess I'm sick of military FPSes set in burnt out crack houses. COD4 and Crysis are a breath of fresh air.
I didn't see anything gameplay wise that makes this anything special. Unlike COD4 videos, which showed alot of NPC interaction that was cool (I loved the sniper one), or the whole Crysis nano-suit thing, this just looked like a classic shoot-em-up.
And the "Heavy" boss in KZ2 is going to invite comparisons with the "Big Daddies" in Bioshock, and KZ2 is not going to fair good in that comparison.
I think, like HS, the KZ2 guys put all of their money and effort into gfx, and haven't spent too much time on game design. Look at Valve, they have a previous-gen engine, but they keep finding ways to design some freshness into what is an aging series (TF2 looks really good to me).
It looks to me like hope of PS3's first 'killer' title is riding on either Square or Konami. Or, in my case, Little Big Planet. God of War 3 would be nice.
p.s. I hope they don't implement or overdo Bullet Time in Crysis. I'm sick of that too. Ever since Max Payne had it years ago.