The little demo real looks nice, but aside from some nicer effects and image quality I think we've seen the same sense of scale and complexity in some of the FFXII footage on the PS2. The models in the demo reel are obviously from FFXI so it is possible it's an expansion that will have upgraded environmental graphics in some zones for the X360 version, but I doubt you'll see big character model upgrades (if any) even in that version - look at the actual FFXI footage shown earlier.
All in all FFXI isn't really something to harp on about for X360. I mean, maybe if it had launched at the same time as the X360 port it could have pushed some systems, but at this point it's a moot point when it comes to generating sales, regardless of whether there's an expansion on the horizon that looks better on the X360 version. I don't think even Square-bots are willing to buy an X360 for a prettier FFXI expansion of all things.
I don't know, the reasoning for porting a game that will have its model variety limited to what can be achieved on the PS2 version still alludes me.