From a visual effects perspective, yes. Just look at the explosions in Shadow fall or the effects in the infamous demo. From character models and environments, I'd say no. Not at the moment anyway. Its hard to judge because we've really been shown is launch titles. If you compare "Black" to "Resistance: fall of man", there isn't a big difference. I think we look at what games will look like 12-18months after launch (Agni's philosophy demo, Deep down demo), then the leap is almost as big



This Deep down image is low quality as well.







