The graphics still look very good. Most of the current generation of games are just the same except everyone needs to see some kind of shiny bump-mapping now to consider it "cutting edge".
And the shiny bump mapping makes things look weird anyway, most of the time. I'm replaying FEAR Extraction Point and turned everything down to the lowest graphical setting to get the best performance. I discovered I liked it a lot better that way anyway. No more harsh, razor sharp black shadows--it was a lot easier to just *see* the game. No artifical looking plasticy shiny surfaces. I did turn the water quality back up to high though.
I guess it depends on the skill of the artists. I remember I though a lot of the shiny effects in Riddick looked pretty awesome. But I'll always hate those sharp edged shadows. Give me DirectX 10 and soft shadows!