Maybe in terms of pixels, teraflops, gigahertz, RAM, memory, [insert more technical jargon], etc. But it doesn't look like it at all, at least not with my eyes. Most of the games shown looked like super-polished PS3 games, for the videos that actually showed gameplay. I guess that's one effect when graphics become so good that further advancements can't be noticed by the human eye. I believe the PS1 --> PS2 and PS2 --> PS3 were much more impressive.
Of course this is based on what was shown so far. I'll need to play it on an HDTV for my final judgement. And I will also have to wait for later games. Though I doubt I would have the ability to truly appreciate the entirety of the advancement.
Ps3 launch games looked like super polished ps2 games. For example GoW2 looked great on ps2 and genji and untold legends were a slight step up from that... i think people are wayyyy to use to the 7 years devs had to maximize the Ps3.