It is that bad, i got the game for PS3 today and the graphics are okay but the framerate is terrible, at some parts its below 10 FPS i think. It gets even worse if you're riding a horse, textures load very slow, framerate gets even worse, horse disappears sometimes etc.
Not even starting on the insane amount of bugs etc. But hey let's hope they fix all this with the day 1 patch...
Yeah, I got the game today too, having the same framerate drops, invisible horse glitch, and other glitches like: i got stuck in stealth mode without being in stealth mode. Also there was this one time that I couldn't use any forge, or weapon/armor building tool in the Riverwood village. One time the game actually froze 2 seconds just when a dragon did its fire breath/shout, PLEASE BETHESDA TELL ME THIS IS GETTING FIXED WITH THE RELEASE DATE PATCH !!! Because I really like the game, but the framerate drops and glitches really kick me out of the whole skyrim experience.