I feel relative to the psychological standard set by press bullshots, "in-engine trailers", and tech demos, it would be pretty hard for a current gen console game to really blow away a huge percentage of people, especially when they're looking back at games from a 2012 perspective.
I mean, let's take a quick hop over to Digital Foundry for some capture card shots of what the best looking games on the systems actually look like.
http://www.eurogamer.net/articles/digitalfoundry-vs-gears-of-war-3
http://www.eurogamer.net/articles/digitalfoundry-vs-uncharted-3
I mean, they don't look terrible, but I don't think people are really going to fall out of their seats anymore over games at this level.
I think the best way to try and figure out what really counted as outstanding graphics on the platform would be to head over to the threads of the best looking games at the time they came out and just start counting the number of people who posted how impressed they were and try to make a general assessment of just how impressed they were by their comments. I think that's about the best portrait you could get while trying to avoid the factor of looking back with much higher standards.