I know this is posted for PS3. However, I have played the demo on 360 and yes the graphics are pretty good - not as good as some other 360 games. I really hated the gameplay though - yes it is a beat em up.
I bought this and gave it a weeks trial - ended up trading it in for fight night 3.
It is a beat em up and graphics are top notch but game play is shoddy. It has some entertaining moments when you use the scenery to whittle down your opponents health by 'DJ scratching' in time with the beat but the novelty wears off and it's repetitive. Might be worth hiring ( if blockbuster do PS3 games????) but not worth buying. If I remember rightly the official playstation UK mag only rated it 4/10 too.