Gran Turismo 4 and God of War 2 running at 1080i on a HDTV were probably the visually most impressive games of the previous generation. I guess we can then conclude that the PS2 was a much more powerful system than the Xbox/Gamecube.

Graphics definitely do matter. Part of the key of Uncharted was that Nate looked so realistic, that you start to like him, especially with the great facial animations giving him emotions and stuff like that....

They can really help build an atmosphere, and that is important

Anyway, of course they do, particularly on the PS3. If you code something designed to work around the PS3's architecture, it is going to run much more efficiently than something you bring from elsewhere

Well, FFXIII is one of the best looking PS3 games and that is multiplat

If you are talking about pushing console to the limits graphically then exclusives usually show the true potential of the console. This is because in multiplatform games developers try to make different versions look alike (at least when we are talking about PS3/360 games). You can't create a game which looks exactly same on both PS3/360 and still reach both consoles limits, there are too many hardware differences between PS3 and 360. If you would allow versions look a bit different then they could also reach limits with both consoles but that might not always be a good idea financially because you would have a lot of complaining customers. With exclusive games you don't need to worry about that.

Then again, graphics aren't the most important part of the game anyway. Gameplay is always much more important and there it doesn't matter whether game is exclusive or not. Best game of the console can just as easily be a multiplatform game.

No this is simply not true. If two consoles are somewhat close in terms of power, then the best looking games will be determined by developer effort, not hardware. Just look at the previous generation. The best looking PS2 games looked no worse than the best looking Xbox games, despite the Xbox being undeniably  the more powerful system.

The fact that Sony allow developers to bypass the hardware abstract layer and do low level coding, explains why those first party exclusives look as good as they do. But this is totally software related, and Microsoft can change their minds about low level coding at any time.

I have every console that has come out since the PS1, and this is something that I see no way of arguing. Every platform, PS1, N64, PS2, GC, Xbox, PS3, Wii, and 360 all are at their best when games are built specifically for them.

I buy lots of multi-platform games because that is what most people in the casual space play. If I want to have any chance to talk games at work, I have to play Fallout, Red Dead, GTA, COD, Mass Effect and such.  These are not bad games, but they sure as hell are not even in the same space as, Gears of War, Uncharted, Killzone, SMG, Alan Wake, God of War, etc. Its not just graphics either. Many games no days have pretty graphics. What exclusives have is a layer that brings them to life. They have better physics, more animation, better streaming, more ambiance, sharper controls, crisper sound. No matter how you cut it, exclusives are the cream of the crop in this industry. 

This is a huge reason why I wish the industry would come to a hardware standard. But, that is a different story, for a different thread.

Yes, exclusives define and separate the experience of one console from the others. In my opinion, exclusives are crucial in an era where 3rd party developers are looking to get their games on all consoles in order to maximize market penetration for their product. A lack of exclusives sends the signal that you are just another multimedia congolemerate who has no love for the game beyond producing a piece of hardware that can supplement your home video and home audio product lines. Conversely, too many exclusives is well...you can never have too much of a good thing.

But the PS3 Version of FFXIII is 720 in game with 1080P Cutscenes the 360 Version is 576P in game with720P Cutscenes because of the DVD limitations.  

Sure, exclusivity is best if one wants to "maximize" the console, but I think forumgoers have been a little too obsessed with this concept. (Most gamers obviously don't care)

Many of the best games this gen are multiplat. I'd also bet that any of the good 360 / PS3 exclusives would have been just as great were it designed for the other console. The difference between the two system's capabilities seems negligible.

Of course, if we're comparing something like the HD consoles to the Wii (motion controls, vast difference in power), it's usually a different story.

This poll is awesome!