Scoobes on 02 June 2012
Considering the standards of PC games today, then I'd say vastly superior. Just look at Crysis 2 with the HD texture pack and DX11 effects or Battlefield 3 and you can see a sample of what future consoles will have. When effects like tessellation become the norm we'll see some incredibly impressive looking games.
As for costs, I believe most of the costs in terms of employee time are associated with the creation of art assets, but in most games these are made in high-res (for cut-scenes for instance) and down-scaled for gameplay. Most PC based devs will have experience in the tech anyway.
