I'm playing the beta right now. So far it is nowhere as good as CoD4. Treyarch has a long way to go to catch up to Infinity Ward.
It would be a decent game, if it wasn't a follow up to CoD4. Instead, it seems more buggy with worse level design and fewer new ideas. I will say releasing dogs is the worst idea they've had. You'd think it's just a beta and they can improve on it in time, but how much can they change in 3 weeks? Also, the glitches to get out of maps is absolute horse crap.