I can't vouch for the 360 graphics as I played it on PS3. I know a lot of people came to the PS3 board to ask about the draw distance and blocky textures, but I never looked into it.
As for commercials, this is one reason I'm glad I haven't had TV since 2007. Previews for movies and video games are playing almost a year in advance now (for some stupid reason) and serve little purpose other than building hype. The last game I got hyped for after watching commercial after commercial was GTA IV and while the game is fun, it didn't live up to the expectation I had from watching the pre-rendered trailers and ultimately, I never finished it until three years after I bought the game.