Modern Warfare 2.
Say what you will about COD, fine. I still think it's a great looking game (maybe not as good as some mentioned above but still gorgeous)
Just Cause 2
One of my favourite games, also not mentioned. The island is beautiful! and it's one of the few games that looks just as good underwater (silly but true).
Sorry for ripping the images from IGN. Heading to bed and don't want to search for my own on google.