for the current generation
MGS4 (no single thing that you can point out about the graphics, just simply excellent all-around)
Uncharted Drake's Fortune
Heavenly Sword ( wonderful animations, vibrant backgrounds and great environments)
Honorable mention: Assassin's Creed, Ratchet and Clank:ToD, Gears of War, Mass Effect (albeit framerate issues), Call of Duty 4 and Gran Turismo Prologue.