I'm going to say yes because there's some current generation games that blow Bayonetta 2 away visually even if they're not pushing the same framerate and resolution, if they were pared back visually to run at 1080p/60fps they could still look as good or better I think. Project X doesn't really look that amazing either, lovely art direction but looking at Red Dead Redemption or Skyrim does it look a noticeably better? Not really, if it does run at 1080p with a solid 60fps then I guess that would be impressive and I doubt current gen consoles could do that, they could probably render it at 720p/60fps though with enough effort and would look near identical. Anyway, here's some obligatory picture comparisons:
Wii U - 2014.

PS3 - 2010.

PS3/Xbox 360 - 2010.

PS3 - 2013.

Huge scale, gorgeous lighting and beautifully detailed, especially considering they run on 7/8 year old hardware. Also God of War III is the studios first PS3 game and still looks clearly superioir to Bayonetta 2.
More shots of large scale backgrounds.




And now some close up shots.



