Having a better art many will, look at Shadow of the Colossus on PS2. Technicaly any PS3 game look better than it, but, in matter of art it's far better than many current games.
To have a good looking game it isn't necessary just horsepower, many game in ps2 are more beautiful than PS3/360 games duo to the art and the capability to trick the player.
Technicaly it's impossible just because there aren't enough power to do so.