I wonder what you mean by graphics. Do you mean technically? Then I'm by no means an expert but it's probably the best looking game I've seen. Style-wise, it's very real world looking so far (they could still surprise me) and that doesn't impress me. Simple reason is that I don't think it's creative.
I much prefer imaginative worlds, even if they have realistic textures. Like in FFX, macalania woods, the moonflow, Guadosalam (well especially the Farplane), the temples... These are areas I really enjoyed in game. Or Lost Odyssey with its cities, they're a mix of magic and technology, the building designs, everything in it looks fantastic. I don't care if it's realistic, cel shaded or anime looking, as long as the design is imaginative, special and/or fantasy-looking.
So the graphics in that sense, don't make me want to call it the graphics king. I haven't seen anything that makes me go "wow, I can't wait to be immersed in this world" yet.