I would expect the graphics in HP3 to be better than previous NFS games, except for NFS Shift. I'm not sure how the gameplay will be, other than the videos, but my guess is that it will end up being one of the better NFS games.
Shift has bad AI, but otherwise it's an enjoyable game, with great graphics, and reasonable physics, especially if you like drifting through turns which is the preferred method with some of the cars in Shift like the Zonda.
So far, the best AI I've seen in a NFS game was in NFS World's March 5 beta session, on the highest driver level tracks, where the AI were competitive enough to require the player to use nitrous to win races, without the AI collisions that occur with NFS Shift. Since the March 5 beta, the AI have been slowed down, so few players will realize the potential that is in World's AI.
Back to hot pursuit 3, too soon to really tell how it will turn out.