from a first party point of view it has surpassed it easily. third parties on the other hand have gotten worse, most likely due to all these multiplate watered down games. third parties devs have been worse on all consoles IMO for example (RE5 not as good as 4, FF13 not as good as FF12 or FF10, DMC4 Much worse then DMC3, GTA4 much worse the GTA:SA, Star ocean LTH worse than SO3, Tekken 6 worse than tekken 5)
exclusives on all consoles have proven to be better then multiplatnum games.