A game built with a tenth the resources on a platform 10 times as powerful would be an inferior product in almost all cases.
Not in this case though since Rage is the worst id game ever. And id hasn't made good games in a long long time.
Frankly, I don't even care about the graphics even though they're far below BF3/Witcher 2 in quality. Rage is just plain and simple a really bad game. The gameplay is terrible, the animations are very bad, and the horrible sounds make me want to rip my ears out.