Yes and no. I checked out the CoD3 trailer. Atmosphere-wise, there are indeed similarities. e.g., The chaotic war zone, the struggle between the German soldier and the protagonist... This is good because I like a noisy and realistic warzone. But I think graphic and gameworld wise FoM is superior.
* The environment looks more refined in FoM (higher-res ?). I remember FoM is more persistent ? As in dead bodies will be around.
* CoD3 also have popins as you go near (There is a scene where the hole in the wall suddenly appear when you go near it). I didn't notice this in FoM clips even when the distance is relatively far.
* Objects in FoM seems more interactable (e.g., Tables, chairs, ...). In CoD3, they seem to be fixed or scripted as usual.
* Close up enemies (The German soldier vs the biting alien)... FoM looks more detailed.
* Areas in CoD3 still looks claustrophobic (corridor crawl-like) compared to one of the FoM levels where the aliens are higher up and look down into a massive lower-level area. Does CoD3 has huge areas like this (as reported by IGN folks).
* NPC soldiers in FoM is more varied and more detailed (They carry different equipments). CoD3 solders do not carry anything except for their gun. They really look the same.
IMHO, to say that CoD3 is comparable to FoM is like Halo 2 is comparable to GoW.