I recently saw a video by TotalBiscuit on this game, and oh my god does it look amazing! The lighting effects are absolutely stunning, the combat looks very fluid and balanced, and the fact that every battle in this game actually matters makes it even than BF3 IMO. And this is ALPHA footage. Add on to that fact that they are going with a F2P model whose micro-transactions will be for visual customization and not pay-to-win items, and this could be my first ever "MMO" I actually enjoy.
Here is that footage from TB: