The Far Cry 3 multiplayer mode was playable on the show floor at PAX East, and Gaming Irresponsibly's Matt Beaudette got an opportunity to play a round. He gives his initial impressions on the mode along with a brief gameplay video recorded on the show floor.
Good framerate :)
Sure, FC3's multiplayer may sound like a COD clone, but the map editor makes all the difference. COD-style firefights with tons of (free) custom maps really isn't so bad of an idea.