I'd say GT5 edges out God of War a bit.  It has better image quality (1080p @ locked 60fps) andachieves a near photorealistic look at times.

Below are some screens to compare.  Right click to see 'em in full.

And I don't see how God of War isn't up there with the best looking console games.  Kratos is arguably the most detailed character model this side of Crysis.  Just look at the textures on his loincloth and the detail on his chains and muscles.  And the environments are quite nice too.  Check out the detail on the gate. 

That screenshot shows a very much updated part of the E309 demo.  The game has come a long way in half a year.

GT5 will look better than GoW, but that more with due to GoW3 not really look all that then GT5.

Plus i'm not all that impressed by only a 20m poly character, many games are trending 25-30 these days, not even the exclusives.

GT5 is photo realism, and that is something you can't achieve outside the racing genre yet I'm afraid. I wouldn't include racing genre for the "best gfx" title, or we will have GT5 as a king till the 6th comes out :)

I'll admit that screenshot makingmusic posted is about 50x better than anything else I have seen previously of GoW3

@CGI-Quality

Kratos with less animation? I would wait to see that same in-game model talking and interacting in a cinematic-type of cut-scene. I see him very well-animated in the middle of action, though.

I just don't get it. Can a game look worse in motion than still screenshots? Or is the final build really that much of an improvement over the E3 09 demo? Because every time I watch that in HD it just looks 'meh'.

A. These two games can't be taken to compare. other games of their respective genre can be selected though.
B. GT5 graphics will not showcase same stuff as GOW3 where there is only chaos.

I did.  And I simply did not see what made this game look beyond what is already available.  The environments still in that video look awefully lifeless and low textured at spots (imo).  Maybe its just me.  All I know is I'm not making these claims to stir anyone up.  I am genuinely not impressed at all and find Uncharted 2 among other games to be way better looking in the graphics department.

Even I did note some low textured enviroments and others exceptionally beyond what've seen before. The trailer was overall very impressive.

lol why are we comparing a racing game to God Of War?? I'd imagine GOW3 will be more striking and immediately impressive. Sometimes GT graphics can be too sterile.