Alan Wake so far looks great, I think that should be enough to expect from this game. The Uncharted series IMO so far look better as well does God of War 3.
Maybe if there was no Crysis 2 this year, Alan Wake may be rewarded the best looking 360 game. But I think there will be more reviews praising Crysis 2 for graphics this year and I think the PS3 version will overall look just as good.
I expect more "best console graphics" review comments to go to Gran Turismo 5 this year. Best console graphics awards this generation I expect to go to later games such as Uncharted 3, Killzone 3 or maybe a Gran Turismo 6.