I think it can look like that on the X360... Look at this one for example:

The image is resized here, but you can see jaggies on a lot of spots on that screenshot. The moon and the stars appear to be a static background, and the graphics are not that impressive.. It looks beautiful but I don't think it's really a system pusher.. The man standing over there has no shadow, anisotropic filtering is either lacking or low quality and lighting isn't that impressive.
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