^^^^ good pics but thats an ideal, show me a parallel of a guy firing a gun real Vs Crysis and it'll look laughable.
They are getting there with environments but the minute details are still lacking. When it comes to organic detail we are MILES off perfection.
IMO what will be interesting is when you have an environment that runs perfectly and looks perfect with room to spare, processor wise, for a game on top, then we will see some truly impressive stuff appear.
Long way to go, real long way.
EDIT Also just read wannabedamned's post, graphics should not be considered based on a small arena but as a whole. Its easy for a game like gears or condemned to make what little they have to render look pretty, hell resident evil and final fantasy 7 has some fantastic visuals at the time, but it was pre rendering that allowed for these 'ahead of their time' visuals. Gears and many other modern titles use a similar system simply updated for modern games. Rather than pre rendered environments they are simply limited non-interactive arenas that look far vaster than they are.
The point is, if a modern PC/console can create a PERFECT copy of the mona lisa down to the finest detail but nothing else, is it graphically superior to a game with a REPRESENTATION of the mona lisa hung on walls all over a textured and interactive level? My answer would be no. You say you want to see gears graphics but on bigger levels? Well so would the developers, but the hardware just isnt there, gears only looks great because its limited. You think the guys who made saints row though "hey y'know we could use unreal 3 engine for this but lets go with some last gen renderware and tweak it", i think not.
Personally i think the GTA games are a great representation of the 'current-level' because the franchise is so gameplay and environment oriented that it doesnt need fantastic visuals, the visuals will be what is left over once the game works (something which many would say hindered San Andreas). So then fundementally we are only as far as our last GTA, and with the next one coming soon we will soon see how far graphically we have come.