Performance-wise, it would have been nice if consoles were capable of playing many of my favorites at 1920x1080 with a v-synch locked 60fps, but given the memory and GPU constraints, that isn't reasonable. 1280x720 at 30fps is fine at regular viewing distances although the extra detail and sharpness on a 1080p display would still be preferable.
Graphics-wise, the games that make a dedicated attempt to impress have been quite good. Many of them have created some of the best visuals yet seen to date including those on PC. It's only the occasional bad port that disappoints.
Some of the technical issues take a little away from the overall visuals on occasion as well, like dropping native render resolution to keep 30fps, resulting in blocky visuals, excessive screen tearing or dropped frame rates. Fortunately, these are the exception rather than the rule.
