You know, it's games like this that make me wonder if Microsoft is their own worst enemy. If it were only PS2 & GameCube this generation, then the XBox 360 (barring the unveiling of the PS3) would look a lot more impressive.
Unfortunately, when you still have great looking XBox games like this, Splinter Cell 3, Riddick and Halo 2, it's tough to justify moving on without a monumental leap in audio/visual quality.