The folks at the Rajman Gaming Youtube channel have put up an early preview of Assassin's Creed 4: Black Flag to compare the graphics on the PlayStation 4 next-gen system with the current-gen PlayStation 3 system.
Both videos were captured at 1080p via HDMI using the Elgato Game Capture HD card, which presumably allowed them to bypass the HDCP limitations of both systems.
The footage is viewable in both 1080p and 720p, so you'll want to view it in full-screen to get the most out of the comparison.
It consists of an in-game cutscene at the start of Sequence 3. The most noticeable difference between the two is the water effects. The textures don't appear to be too different, although it does look slightly sharper on the PS4. Viewers should bear in mind that the game was designed to play on both current- and next-gen consoles, so there are certain limitations to how much Ubisoft can do with the graphics.