It's definitely close to being up there. IMO, though the first level looks like ass, Gears 2 holds its own perfectly against Resistance 2, MGS4, Uncharted and any other game on the 360. Keyword? Holds
MGS4 has unbelievable animations and awesome effects. Blurry textures and framedrops killed the deal for me. Oh, and I understand the game is below 720p.
Uncharted: Animations look canned to me. Texture work is far more impressive than Gears 2.
Call of Duty 4: Unbelievable good and at 60FPS. 600p. Still has blurry textures and framedrops. Incredible animations.
Resistance 2: Am I the only one that found this a step down from R1? I played it on a friend's house for some time and I am not wowed.
Anyway, Gears 2 has good animations, very good texture job (rivals Uncharted), runs at 720p, the scale is much bigger than any of the games I mentioned above, it holds its own at 30FPS though it has its fair share of frame drops. Really, you don't see over a hundred enemies running, explosions going on everywhere, environmental damage and incredible lightning while keeping 30FPS most of the time in any of the games I mentioned above. What I am saying is that Gears 2 mixes all that and creates an experience that looks as good, if not better, than the games I mentioned. Merit where its due: Gears 2 is definitely in the Top 3 best looking games this gen.