Not really. Supersampling isn't just a good AA solution, it cleans up the IQ as a whole. Coupled with 16xAF, it gives maximum clarity to distant textures and the nicest overall IQ.
But, you're right in that a lot of people won't notice, in the same sense that a lot of people won't notice the difference between 720p and 1080p, and a lot of gamers probably don't realise Call of Duty is a sub-HD franchise.
My expectations are low because I'm a mid-high end PC gamer, and by comparison every console is shitty technology. I didn't say it bothered me or that I really care, simply that it is a reality. It's easy to spot technical blemishes when you're sitting a foot or two away from a 1080p monitor, playing your games in a minimum of 1080p, maxed out, and occasionally supersampled.
I don't expect 360/PS3 visuals. I expect a system producing (or, more accurately, has the potential to produce) better overall detail and scene complexity. And I expect we'll see this, eventually, from at the very least Nintendo's work. I don't expect games to, on average, render at higher than 720p. And I'm pessimistic about decent AA, because.