Check out the resident evil 4 ingame graphics engine.
http://www.the-magicbox.com/Feb04/game021404a.shtml . Wow right.In your opinion is it has good as Doom 3 and Halo 2 graphics . If capcom could do this well with the GC how much more can they with the xbox or atleast this gives us a glimpse of how much more the xbox should be able to accomplish