The first ever screenshots have been taken from the Battlefield 3 Open Beta with all the settings maxed out on Ultra. Running on dual SLI 580's, the shots show what the game's visuals are fully capable of, and then some. It should be noted that even though the sliders are all set to Ultra, the texture resolution is still limited by whatever's available in the beta, so there's a good chance for the game to look even better in the final release.
DICE's Johan Andersson confirmed on Twitter that the beta build does not contain everything that the final build does.