I think its alright. The controls are a little whack, need a LOT of juking and jiving in the options menu to make it feel right, for me anyways. And the PS3 controller sucks a dick for aiming with the analog sticks.
I can't figure out wtf is going on with the "auto aim" function either, and you gotta press like a 3 button sequence to get into first person mode.
The graphics are nothing special, the maps seem like hi-res MGS3 levels with bump mapping, and the characters are standard next gen stuff. The animations seem the same as MGS3, and the first-person gun/hand models aren't super detailed. Also the game seems to dip framerate a lot when you point towards a "high action" area. Not necessarily that there's a lot of action on screen either, but like say I look at a building where a firefight is going on and then the game takes a noticeable hit on FPS. Seems like its about 30 FPS normally and then dips to the mid to low 20's. Of course this is all MGO-specific and beta software so I don't want to say this indicates how the single-player game graphics will be.
The enhanced vision goggles are really cool, and the barrel is pretty funny. Also, it seems stupid that you can't make more than one character on the beta, and I can't figure out how to remove a customization (helmet for example) after i tried it on just to see how it looked... Also... what is the fucking point of all those konami/game id bullshit... when in the game you only use your character name, and THAT is the name you add to friends lists? Not PSN, not Konami, not Game ID... just your fuckin' character name!