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Well, there are two issues here. First, watching media clips never does justice to next-gen visuals. Example: all those great MGS4 trailers, which weren't even close to the actual game.

Second, we're only two years into the next-gen cycle (yes, MS released in 05, but this was a year too soon, before the hardware was ready, a mistake for which they paid dearly), so the best is yet to come.