Ha ha ha, look at me, thinking I'd buy the game two freakin' months ago. I finally got a copy this week. Tres awesome!
The graphics, since they're the subject of this thread, are very good but not amazing. Some of the backgrounds are pretty dull, and a few character designs look really weird. On the other hand, everything is very nicely animated and the game is full of the little touches that Rare does really well. For example, in tree filled areas, birds will fly around and alight on the branches above Sabre Man.
But graphics are not what matters anyway. The gameplay is awesome! I appreciate Rare's recent attempts to bring simplicity back to gaming...I'm playing Sabre Wulf and Tales of Symphonia at the same time, and it's a relief to go from the overwhelming complexity of Tales to the old-school simplicity of Sabre Wulf. You can jump, and you can place helpful monsters on the screen, that is just about all. I think there's a way to take pictures too, but essentially, it's extremely simple, yet fun and deep.
If you enjoy some puzzling with your platformers, I really recommend it.