AA in Unreal or other games using the same engine can be achived by renaming the .exe to Oblivion or by installing nHancer and going into the compatibility tab select Oblivion under AA. (there is abunch of numbers after the word oblivion like 000045).
There is even a generic profile for all Unreal 3 engine games. So it works with R6 vegas, Gears of War etc...
Are you talking about the graphics in the demo or the final game? Epic said when the demo came out that it had medium & low detal textures.
GoW PC has better textures & looks better than Gears on the 360...UT3 looks better than GoW PC. Like the guys at Epic said it will look like GoW graphics on steroids or something like that...so if you hate the graphic style of gears....over the top HDR & motion blur etc...
You knew what to expect from day one & should never have considered getting this game after seeing the early preview screenshot.
PS. Post processing on highest level (intense or what ever) makes the game looks ugly on my end use the one before last.