My Thoughts
It's a mixed bag really.
They've obviously improved it from PES11, which was an improvement from PES10, but there are still some niggles there and it baffles me as to why they haven't been fixed.
Ball Physics
I quite enjoy the floaty feeling if i'm honest. I find it quite realistic. I've found long ranging shooting to be pretty good with certain players, not so good with other players. For example, i twice cut inside onto Ganso's left foot and unleashed 25 yarders. One smacked the bar, and the other one was parried wide by the keeper. Both looked quite good. I also scored a 25 yarder with Elano with the last kick of the game, which gave me a 2-1 win. On the other hand, i had a free shot with Zambrotta, coming towards the edge of the area, slightly off to the right, and he shanked it wide, by a mile. I like this.
The problem i actually have with the ball physics is that when dribbling, the ball moves, and then stops dead instantly, before it's touched again, and then this process repeates itself. It looks very odd, and it simply defies the laws of physics.
Sometimes passes travel too slowly, regardless of how fired up the power gauge is. Again this can be annoying, but this could be attribute related, so i'll play around a little more before i moan too much. A lot of the time passes seem to toe-poked aswell, rather than side footed. Sometimes it looks great because it fits the situation. Other-times it looks clumsy. Passes have a lot more of an arc to them now, which i like. I didn't notice much difference between the different pass-assist levels.
Keepers
Huge problem. I know Konami know about this, and everyone seems to think the problem will be fixed in time for the real game...
However, i don't feel this to be the case. The main problem for me lies with the actual animations. Goalkeeping animations are very important because when done correctly, they can make a goal or a save look jaw-dropping. When done incorrectly, they can take away the pleasure of scoring a goal....and let's face it, this should be the most fun and important aspect of the game.
Goalkeepers should not, i repeat should not, land on their bellies when they dive.
Goalkeepers should not have trouble saving shots which are literally an inch away from their bodies, bang in the centre of the goal.
Goalkeepers should look at the ball when trying to save a shot. Sometimes they will make a full stretch attempt at saving a shot, with their heads facing forwards, with their bodies as stiff as a board. This is less of an issue than the previous two, but it still takes the shine off a good goal.
This is of course without going into all the known problems with keepers turning into David de Gea on a bad day.
Animations
Some fairly nice ones this year. Some players show quite a fancy first touch. I do feel it's a little overdone though. Sometimes it's like a little heel flick. I've even had defenders doing little spins. It's not really bothersome though, and in some situations it looks great.
There still seems to be an animation issue when a few players find themselves in close proximity to eachother. Normally when you're dribbling and two defenders close you down and get really close to you. It looks messy, like it's missing a collision system. The ball seems to get dragged along, like it's stuck to one of the players. It's almost similar to PES09 when you could literally run through a player when you dribbled at him. It has the same sort of clumsiness. This also seems to happen when the AI are attacking me. I jockey, but when i eventually go to tackle, the CPU player seems to just run through me, or at least his body movement again defies the laws of physics. I suppose this will lessen when i learn how to defend properly.
Shooting animations look a little odd when performing a finesse or curled shot. They still don't seem to have nailed it. I hit a few with Ganso where the ball literally almost came off the heel. The ball leaves the completely wrong part of the foot, and it sounds niggly and pointless, but it matters. Anything that looks un-natural can take away significantly from the game, even if it is just cosmetic.
Graphics
Nice, but blurry. Your eyes adjust to the blur so it's fine. I'm wondering if they have done this to counteract the jagged edges complaints from PES11. Player faces look great, and the lighting is really nice.
AI
Really good. Player runs are intelligent. Playing with a playmaker is great. I was using Elano, and i would play a short pass, and then have him move straight after playing it. In boh Fifa and PES11 the player would automatically run forward. Here, he simply finds the best option which leaves him open to receive the ball again. If you watch David Silva live, he does this all the time. Plays the ball, and moves to be open to recieve it. Probing all the time. Great, and they seem to have implemented it really well.
CPU AI is very good. Already been beat by a couple of great moves. It is easy to retain possession even on top player though. I had a 72%-28% game bu lost 5-0 to Milan. I'm happy with the difficulty though. Keeping possession isn't that hard, but being productive with it is.
Things i wish they'd sort out...
Keepers in general. Keeper animations from PES5/6 were much better, oddly enough
Animations still need a bit of work. Some look great, otherwise are terrible.
I also wish they could do something to make scoring a goal feel great. In PES6, the camera used to zoom in when the ball hit the net, and the angle would change slightly. It was almost like a cut scene, but it made the goal feel complete. I know some people dislike this, but i really liked it. It seperated the goal from the rest of play. At the minute, the ball hits the back of the net (which look great by the way) and the crowd cheer, but it still lacks something.
And that's about it really from what i've played so far.
Overall
I know i've spent most of my post moaning, but it's actually a good game. Feels more free than any football game i've played. The AI is great. Player individuality is really noticeable again. Almost everything about the game is good, and at times it feels really great. It just has a few things which ruin the overall experience. Hopefully with this being a preview code, most of the issues can be ironed out. It is frustrating though that Konami haven't fixed the basic animations which can lead to a bit of an empty/frustrating sort of feeling. Because of this, i feel it is a game which some could grow frustrated with after an extended period of play. Others will love it. I don't know which side of the fence i sit at at the minute. It's a mixed bag, but Konami are definitely heading in the right direction and they appear to be getting there fairly quickly.