It seems to me you could take the graphics just as they are now, bung some fancier lighting/shadowing, some pretty shaders, and some post processing on it and it would look pretty good. Maybe some higher-res textures too--
I too am sick of the gaming industry putting more effort into technical bling than hiring some good artists and making better use of what we've got now.
This is the dark side of continuously progressing processing power and a hugely variable platform. The console games that come out towards the end of the life-cycle usually look significantly better than those that were available at release. We ought to be advancing graphics that way rather than just throwing more transistors at it.