My thoughts on the beta so far:
Graphically, the game does look better than BF3. In gerneral it's marginal, but is most noticeable in the environmental and particle effects. After the skyscraper collapses, the way everything is covered with dust, and the airborn dust particle effects actually impressed me quite a bit.
Gameplay - To me, it actually feels better than BF3. The characters feel like they have some sort of momentum to them - they don't start out in an instant run when you press the sprint button. It takes a short amount of time to get up to full speed sprint. Guns feel better to shoot. I haven't pinpointed why yet, but to me they just do. Guns are more deadly though. It's much easier to kill someone - which I actually don't like. You had mentioned a COD feel to it, and I think this may have to do with the fact you die quickly, as in COD. I'm hoping the buff the player health a little bit.
Map Design - well, my comments here are based on the single beta map, but I actually love how this map is designed. It isn't constrained in any way. You can access all cap points from multiple paths, unlike a couple of the BF3 maps at release. THERE ARE NO CHOKE-POINTS!!! I like the way the map changes after the skyscraper collapses and love how different flag C plays before and after the collapse. There is so much vertical play. You can access the roof of many skyscrapers, buildings with multiple floors, underground parking lots, etc. I like the multiple approaches to flag C. You can take the primary bridge from either side of the map, you can take the bottom pedestrian bridge to stay out of site, you can swim across, you can take a jet-ski across the bay, or you can just hop in a helicopter to the top. You aren't funneled like rats through a choke-point by being forced over a single bridge.
Sound - The weapon sounds have improved from BF3 IMO. They have more of a "punch" to them.
GUI - they did a really nice job with the menus and user interface. 1000x better than BF3, which was obviously designed for consoles. Managing squads is much improved. I like what they've done to convey squad orders to squad members by annotating their minimap with the desired target. Also glad they upped the squad size to 5. I played in a well coordinated squad of 5 yesterday and it was a lot of fun as we steam-rolled each flag due to well organised coordination.
My biggest gripes - the overpowered feel of the weapons and the fact they stuck to the modern warfare era which contributes to the game feeling a little too much like BF3. I would love for BF to go back to WWII with the Frostbite 3 engine.
All-in-all, I'm pretty excited about what they're doing with it.