At least on the 360 version. After 5-6 hours of gameplay I haven't noticed the frame rate drop a single time, it is rock solid and the game looks great. This includes both small rooms and expansive outdoor areas, including scenes with water. In one or two instances I noticed some slight tearing but I was also moving the camera around as quickly as possible and trying to see if I could notice anything.
Now, as a card carrying member of the PC Gaming Master Race with a machine that could eat your PS4 for lunch, I am totally happy with how the console version looks and plays. It is a night and day difference from the last Souls game. I am normally quite sensitive to frame rate issues in games and I could not be happier with how this is shaping up so far.