Alan Wake.

The vid posted really shows the lighting effects off but it's so dark some of the other features of the graphics aren't fully realised. From what I've seen though Alan Wake so far looks better than Gears 2.

Alan Wake.

Also, how exactly do you have "slow paced visuals"?

Alan Wake debuts 18 months after Gears of War 2 released. This is not  an even a fair contest. Alan Wake versus Heavy Rain. Now that is a more even match.
IMO Alan Wake is equal to Heavy Rain in graphics.
Ok Uncharted 2, Killzone 2, Final Fantasy XIII and God of War III eclipses both Heavy Rain and Alan Wake in graphics.

Graphics in games keep on improving over time. Gears of War 3 and Halo:Reach will push the XBox 360 graphics to its limits but they will not match the PS3 exclusives in terms of graphics.

Alan Wake by far...

Two completely dofferent games facing off interesting. Fast paced action shooter = Gears of War 2. Slower paced psychological horror action = Alan Wake.

it looks good thats for sure im still waiting on more grounded reviews before i make my decision but it is definitely one of the better looking games on 360 only time will tell .

i am pretty sure i will buy it cause i really dont have many games on my 360 would be nice to use the thing havent touched since bayonetta. i really hope it doesnt suck

Alan Wake is soooo dark, it's too hard to tell. I know most things do look better in the dark, tho. Hides things and makes the lighting have more impact.

Alan Wake has the advantage of having AA. Unreal 3 tends to not have it.

Alan wake looks heaps better (graphically). The fog and the way the lighting and explosions interact with it is phenomenal, i can't think of any other game that does that. Gears 2 is WAYYY to washed out and boring to look at. Plus i can't stand that stupid texture pop-in

There are more videos out there in the daytime with no fog and larger areas (and view distance). The vid in the OP does really show off the lighting though.