It doesn't look bad, but I always hate the muted colors of MGS games. Everything looks old and dusty to me.
I am sure the colors will pop out more on an HDTV compared to screens. But past MGS games are definitely a bit more vivid than MGS4, but than again, it is hard to make a vivid game when it takes place in the middle east and various other locations.
Maybe there are some specific areas we haven't seen yet? Maybe some forest areas? One of the locations is South America.
Despite GTAIV and Home (presumably) coming this month, I am quite happy to hear about the beta for us Euro gamers.
I haven't played an MGS game for about 8 years (PC version) and it was absolute crap but MGS4 looks pretty good and I know games have come a long way since then. I hope it will change my opinion of the MGS series.
Lets just hope my Internet doesn't just commit suicide when downloading it.