I think Skyrim is closer. or maybe this scene from Halo 4.
Halo 4
http://www.youtube.com/watch?v=txmdDShriwc#t=3m10s
unfortunately the player didn't pause to look around, but the draw distance and overall visual quality in this scene is incredible.
does the player get to actually interact with those environments or are they just a huge texture? i don't feel like watchin the full video for the answer