Played the PS3 version for a couple of hours. The visuals are good. There are some things to note, though. They definitely skimped on animation frames for certain jumping / climbing actions. It varies, but it's either not noticeable or glaringly obvious. The more common animations look mostly untouched, but the animation completes faster than in previous games. I'm not complaining, though, because the old climbing animations just took too long. The combat animations definitely took a hit, as sometimes they just look silly. There's also the previously mentioned AA issue with the PS3 version, but unless you're a graphics whooorrrrre, you really won't notice while playing. As to the framerate... it's surprisingly consistent. There are definitely some dips in Havana, but it never gets to the point of being unplayable.
As to the game itself, it's a blast. Definitely the most fun I've had with an AC game since Brotherhood, but I can definitely see this one becoming my favorite of the franchise if the treasure hunting and other pirate-related activities stay fun. Sailing works well, you can toggle how many sails are in use to adjust your speed. The slower you go, the faster you turn. Naval combat is a lot of fun. Aiming / firing works by holding L1 to bring up the firing arc, Right stick to aim, and then pressing R1 to let loose. Of course, you have to do this while steering your ship. You'd think it would get confusing, but it all feels very natural. You don't ever find yourself trying to remember controls in the middle of battle. Again, I'm only a few hours in, but it's a lot of fun. I wish they went to the pirate theme sooner.