It looks awful sometimes with textures not loading in on certain things if you're not close enough. Hell, quite why they can't get the textures to load in a bit better I don't know. It's not exactly a game that uses lots of high res textures.
CoD is like the Saturday night ITV of video games. Big, loud, well produced but ultimately shallow, disposable and tailored to the lowest common denominator.
Yeah ive noticed a delay in textures loading. Happened in Unreal Tournament 3 and Bioshock 1 and 2. Nothing to worry about and you get used to it. Just incase someone reading this topic thinks thier 360 is on the blink.
Do you want longer loading screens? Because that's what the fix would be. Instead of getting right into the action you would spend more time loading to make sure that everything was loaded and looking perfect.